Detailed FX Market Outlook and Analysis

USD/CHF Daily Analysis 13-April-2023

USD/CHF Daily Analysis

The short-term bias for USD/CHF is currently bearish. The ongoing downtrend from 1.0146 is anticipated to target the 61.8% projection of 1.0146 to 0.9058 from 0.9439 at 0.8767, which is in close proximity to the long-term support at 0.8756. A substantial rebound is expected around this level, at least initially. If the pair rises above the 0.9005 minor resistance, the intraday bias will shift to neutral, leading to consolidation before another decline takes place.

In a wider perspective, the outlook will remain bearish as long as the 0.9439 resistance is not breached, and the decline from the 2022 high at 1.1046 continues. The prior rejection by the 55-week EMA signals a medium-term bearish trend. A sustained break below 0.9058 would resume the decline towards the 2021 low at 0.8756. However, this downturn is considered a part of the long-term range pattern that began with the 2016 high at 1.0342. As a result, the decline is expected to be limited by the 0.8756 support level, ultimately leading to a reversal.

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