USD/CHF Daily Forex Analysis
In this Daily Forex Analysis, the intraday bias for the USD/CHF pair continues to remain neutral for now. A break above the 0.8703 level could lead to a more substantial rebound toward the 0.8822 level, which previously served as support and has since turned into resistance. Conversely, a firm dip below the 0.8555 level would likely reignite the broader downtrend from 1.0150, with the 0.8321 Fibonacci level in focus.
Zooming out, breaking below 0.8760, the low of 2021, is a sign of a breakout from a long-term range pattern. This suggests that as long as the resistance at 0.9150 remains intact, the medium-term outlook for the USD/CHF pair should maintain its bearish undertone as part of our Daily Analysis. The next key level to monitor would be the 61.8% retracement of the move from the 2011 low at 0.7069 to 2016 high at 1.0346, which resides at 0.8321.
USD/CHF Intraday Analysis Summary
In summary, the USD/CHF pair’s intraday bias remains neutral, with the potential for a stronger rebound or a continuation of the broader downtrend. The medium-term outlook remains bearish due to a breakout from a long-term range pattern.
Key Points:
- The intraday bias for USD/CHF remains neutral.
- A break of 0.8703 will initiate a stronger rebound, while a dip below 0.8555 will resume the broader downtrend.
- The medium-term outlook for USD/CHF remains bearish due to a breakout from a long-term range pattern.
