Detailed FX Market Outlook and Analysis

USD/CHF Daily Analysis 09-June-2022

USD/CHF Daily Analysis

Intraday bias in USD/CHF stays on the upside and the outlook is unchanged. Further rally is in favor to retest 1.0063 high first. A firm break there will resume a larger up trend. However, the break of 0.9567 will extend the correction from 1.0063 with another leg, and turn bias to the downside for a 61.8% retracement of 0.9193 to 1.0063 at 0.9525.

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 up trend 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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