USD/CHF Daily Analysis
There is no change in USD/CHF’s outlook as a fall from 1.0063 could extend lower. But downside should be contained by a 61.8% retracement of 0.9193 to 1.0063 at 0.9525 to bring a rebound. On the upside, above 0.9763 minor resistance will turn bias back to the upside for recovery. However, a sustained break of 0.9525 will bring a more profound decline to 0.9459 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. Next target is 161.8% projection of 0.8756 to 0.9471 from 0.9149 at 1.0306, which is close to 1.0342 (2016 high). This will remain the favored case as long as 0.9459 resistance turned support holds.
