Detailed FX Market Outlook and Analysis

USD/CHF Daily Analysis 07-June-2023

Daily Analysis Forex

USD/CHF Update and Intraday Analysis

The USD/CHF daily analysis remains neutral as the consolidation phase from 0.9146 continues. Further rally is anticipated, with the support level at 0.9017 remains intact. The rise from the short-term bottom at 0.8818 is viewed as a corrective movement within the overall downtrend from 1.0146. A breakthrough above 0.9146 would target the 38.2% retracement level of the range from 1.0146 to 0.8818, located at 0.9329. Conversely, if the price breaks below 0.9017, the bias would shift back to the downside, with a retest of the previous low at 0.8818 in focus.

Taking a broader perspective, the fall from the 2022 high of 1.1046 is considered a leg within a long-term range pattern that originated from the 2016 high of 1.0342. There is a possibility that this downward leg has already been completed at 0.8818, just prior to the long-term support at 0.8756. Sustained trading above the resistance-turned-support level at 0.9058 would confirm a medium-term bottoming pattern. Furthermore, a further breakthrough of the resistance at 0.9439 would provide confirmation of a bullish trend reversal.

USD/CHF Daily Analysis Summary

To summarize, the intraday analysis for USD/CHF suggests a neutral bias, with consolidation continuing from 0.9146. The outlook anticipates further rally as long as the support level at 0.9017 holds. In the bigger picture, the fall from the 2022 high is seen as part of a long-term range pattern, with potential completion at 0.8818 and the possibility of a bullish trend reversal upon sustained trading above key resistance levels.

  • USD/CHF intraday bias remains neutral amid ongoing consolidation
  • A break above 0.9146 targets a 38.2% retracement at 0.9329, while a break below 0.9017 indicates downside bias
  • Fall from 2022 high viewed as part of long-term range pattern
  • Sustained trading above 0.9058 confirms medium-term bottoming, with potential for bullish trend reversal

Latest Analysis