USD/CHF Daily Forex Analysis
Our Daily Forex Analysis indicates that the intraday bias in USD/CHF remains neutral as the pair continues to trade sideways. A break below the 0.8900 level would signal a resumption of the decline from the high of 2022 at 0.9146, targeting the 0.8818 support or potentially lower. However, we anticipate strong support to come into play from the long-term support level at 0.8756, which could lead to a rebound. On the upside, a move above 0.9011 would bring about a stronger rise toward the resistance at 0.9146.
Zooming out to the bigger picture, the fall from the high of 2022 at 1.1046 is viewed as a leg within a long-term range pattern that originated from 2016 high at 1.0342. It is possible that this leg has already been completed at the 0.8818 level, just before the long-term support at 0.8756. Confirmation of medium-term bottoming would be indicated by sustained trading above the support-turned-resistance level at 0.9058.
USD/CHF Daily Analysis
To summarize, our Daily Analysis suggests that the intraday bias for USD/CHF is currently neutral, with a potential for a rebound from strong long-term support. However, a break below the key support level would indicate a continuation of the downward movement. In the bigger picture, the pair’s fall is considered part of a range pattern, and confirmation of medium-term bottoming would require sustained trading above a significant resistance level.
Key takeaways
- Intraday bias remains neutral as USD/CHF trades sideways.
- Strong support is expected from a long-term support level at 0.8756.
- Confirmation of medium-term bottoming requires sustained trading above 0.9058.
