Detailed FX Market Outlook and Analysis

USD/CHF Daily Analysis 02-JAN-2023

USD/CHF Daily Analysis

Intraday bias in USD/CHF remains on the downside for the moment. The decline from 1.0146 would target a 61.8% projection of 1.0146 to 0.9355 from 0.9545 at 0.9056. For now, the outlook will remain bearish as long as the 0.9341 resistance holds in case of recovery.

In the bigger picture, the rise from 0.8756 (2021 low) has completed at 1.0146, well ahead of 1.0342 long-term resistance (2016 high). Based on current downside momentum, a fall from 1.0146 might be a medium-term downward trend. A sustained break of 61.8% retracement of 0.8756 to 1.0146 at 0.9287 will pave the way to 0.8756. In any case, risk will stay on the downside as long as the 0.9545 resistance holds.

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