USD/CHF UPDATE AND INTRADAY ANALYSIS
As we look into the USD/CHF Daily Analysis, it’s evident that the intraday bias remains neutral for the time being. As long as the 0.8943 support level holds, we favor a further rally. Should there be sustained trading above the 55 D EMA, currently at 0.9043, it would confirm that the ongoing rally is at a minimum, correcting the entire downtrend from 1.0150. Our intraday outlook proposes that a further rise could be witnessed to a 38.2% retracement of 1.0150 to 0.8822, which would be 0.9329. Conversely, a break below the 0.8943 level would prompt a retest of the 0.8822 low.
Looking at the larger scope in our USD/CHF Daily Analysis, the drop from the 1.1050 high of 2022 is seen as a leg in the long-term range pattern originating from the 1.0346 high of 2016. Therefore, the downside is expected to be restrained by 0.8760, leading to a potential reversal. The first indication of medium-term bottoming would be a sustained break of the 0.9062 support-turned-resistance. However, a decisive breach of the 0.8760 mark would carry more substantial bearish implications.
USD/CHF Daily Analysis Summary
In Summary, the USD/CHF Intraday Analysis suggests a neutral bias with the potential for a further rally, provided vital support levels remain intact. Meanwhile, larger bearish implications loom if the 0.8760 mark is decisively breached.
- USD/CHF’s intraday bias is neutral, with the potential for a rally if 0.8943 support holds
- A decisive breach of 0.8760 support could signal significant bearish implications for USD/CHF
