Daily Forex Analysis – USD/CHF
The USD/CHF currency pair currently exhibits a downward intraday bias. The ongoing decline from 0.9247 targets the 0.8758 level, following a 100% projection from 0.9247 to 0.8890, starting at 0.9115. Should the pair rise above the minor resistance of 0.8905, the bias would shift to neutral, potentially leading to consolidations. However, any recovery is expected to be capped well below the 0.9055 resistance level, likely triggering another downturn.
From a broader perspective, the market movements from 0.8555 are interpreted as a corrective phase following the decline from 1.0150. The current downturn from 0.9247 is viewed as part of this correction. A deeper fall could reach the 61.8% retracement of the 0.8555 to 0.9247 range at 0.8819. A sustained break below this level might lead to a retest of the 0.8555 low. This scenario is deemed more likely as long as the 0.9115 resistance remains unbreached.
Analysis Summary
The USD/CHF pair is experiencing a downward trend, with a target of 0.8758. A break above 0.8905 could lead to short-term consolidation but is expected to stay below 0.9055. Long-term analysis suggests a continued correction towards 0.8819, with a possibility of retesting the 0.8555 low if the 0.9115 resistance holds.
Key Points:
- The current target for USD/CHF fall: is 0.8758.
- Minor resistance at 0.8905 could neutralize short-term bias.
- A broader view suggests a potential decline to 0.8819.
