USD/CHF Daily Forex Anlaysis
The intraday outlook of USD/CHF portrays a mild upward tilt as the rebound from 0.8555 shows potential for further growth. We anticipate a substantial resistance around the 0.8822 level, converted from support, signaling the completion of the recovery phase. A slump below the minor support level at 0.8667 could alter the bias towards the downside, prompting a retest of 0.8555. However, a decisive breach of the 0.8822 resistance could set off more pronounced bullish implications, with a target set at 0.9150.
Expanding the view in our Daily Analysis, the current downtrend from 1.0150 appears ongoing, as long as the resistance-turned-support at 0.8192 remains firm. The next aim is the 61.8% retracement of the range 0.7069 (low of 2011) to 1.0346 (high of 2016) set at 0.8321. Nonetheless, a continuous break above 0.8822 would be an early indication of a medium-term reversal, shifting the focus back to the 0.9150 resistance for confirmation.
USD/CHF Daily Analysis Summary
To summarize, the USD/CHF pair is displaying a minor upward inclination in the intraday view. Significant resistance is likely at 0.8822 while breaking this level could set off a more bullish scenario. The pair’s long-term outlook depends on the sustainment of the downtrend from 1.0150, with the potential for reversal if a continuous break above 0.8822 occurs.
Key Points
- Intraday bias in USD/CHF shows potential for further growth with significant resistance around 0.8822.
- The downtrend from 1.0150 appears ongoing unless there’s a break above 0.8822.
- Medium-term reversal potential if continuous break above 0.8822 occurs.
