USD/CHF Daily Forex Analysis
Our Daily Forex Analysis reveals that USD/CHF continues to operate within the range above the temporary low of 0.8904, with an intraday bias that remains neutral. As long as the 0.9004 resistance level stays firm, we expect further declines. A break below 0.8904 would put the focus on the 0.8822 targets and potentially lower it. However, we anticipate substantial support from 0.8760 to trigger a reversal. Conversely, if the pair ascends above 0.9004, the bias would shift towards the upside, aiming for the 0.9150 resistance.
Expanding the scope of our Daily Analysis, we see the 2022 high-to-low drop from 1.1050 as a leg within the long-term range pattern that began at the 2016 high of 1.0346. This may have already culminated at 0.8822, just shy of the long-term support at 0.8760. Consistent trading above the resistance-turned-support at 0.9062 would be a strong indication of medium-term bottoming.
USD/CHF Daily Analysis Summary
In summary, the USD/CHF pair continues to fluctuate within the range above the temporary low of 0.8904, with a neutral intraday bias. A break below this level could target 0.8822 or lower, while substantial support is expected at 0.8760 to provoke a trend reversal.
Key Points
- USD/CHF maintains a range above 0.8904 with a neutral intraday bias. Further declines are expected as long as the 0.9004 resistance holds.
- A break below 0.8904 targets 0.8822 and potentially lower, yet robust support at 0.8760 could instigate a reversal.
- Sustained trading above 0.9062 would confirm medium-term bottoming.
