Daily Forex Analysis – USD/CHF
The current intraday bias for USD/CHF remains neutral. A further downturn seems likely as long as the resistance level at 0.9004 persists. Should the pair dip below 0.8890, it’s expected to continue the decline from 0.9247, targeting the 61.8% Fibonacci retracement level at 0.8819, calculated from the range of 0.8555 to 0.9247. A stable break below this retracement level would set the stage for a retest of the 0.8555 low. Conversely, a breach above the 0.9004 resistance could shift the bias back to the upside, signaling a more robust rebound.
Looking at the broader market perspective, the decisive breakdown below the 55-day Exponential Moving Average (EMA), now at 0.8978, suggests that the rebound from 0.8555 could be complete, having peaked at 0.9247. This pattern implies that the larger downward movement from the 2022 high of 1.0150 might still be underway. The bearish risk will remain predominant as long as the resistance at 0.9247 is not exceeded. A firm breach below the 0.8555 mark would strongly indicate a resumption of the downtrend.
For market observers and traders, these critical levels—0.9004 resistance, 0.8819 Fibonacci level, and the 0.8555 low—will be essential to watch, as they could offer significant insights into the pair’s future movements.
Analysis Summary
The USD/CHF pair shows a neutral intraday bias, with a decline likely below the 0.9004 resistance. A move under 0.8890 could extend the fall towards 0.8819, with the potential to retest the 0.8555 low. The long-term view suggests the downtrend from the 2022 high of 1.0150 might continue, particularly if the 0.9247 resistance holds.
Key Points
- Neutral intraday bias with resistance at 0.9004.
- Potential decline towards 0.8819 and 0.8555 lows.
- The long-term downtrend may persist below 0.9247.
