Detailed FX Market Outlook and Analysis

USD/CHF Daily Analysis 02-June-2022

USD/CHF Daily Analysis

Outlook is USD/CHF is unchanged. Strong support is still expected at 61.8% retracement of 0.9193 to 1.0063 at 0.9525 to complete the pullback from 1.0063. On the upside, above 0.9763 minor resistance will turn bias back to the upside for retesting the 1.0063 high. However, a sustained break of 0.9525 will bring a deeper decline to 0.9193 support.

In the bigger picture, the downtrend from 1.0342 (2016 high) should have been completed with three waves down to 0.8756 (2021 low) already. The rise from 0.8756 is likely a medium-term uptrend of its own. The next target is the 1.0237/0342 resistance zone. This will remain the favored case as long as 0.9471 resistance turned support holds. However, a sustained break of 0.9471 will extend long-term range trading with another falling leg.

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