USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.8798; (P) 0.8827; (R1) 0.8849; more insights follow.

The USD/CHF currency pair is currently in a consolidation phase following its drop to 0.8757. As of now, the intraday bias remains neutral, indicating no clear direction for the market. The upside potential for a recovery seems limited, especially with the resistance at 0.8911, which was previously a support level. If the price moves below 0.8757, it is likely to continue its downward trend, aiming for the significant level of 0.8690, which represents the 61.8% retracement of the range from 0.8374 to 0.9200.

A sustained break below 0.8690 would suggest an increased possibility of revisiting the support level at 0.8374.

Looking at the bigger picture, the rejection seen at 0.9223, which serves as a key resistance, continues to overshadow the medium-term outlook, keeping it bearish. This action suggests that the downturn from the peak of 1.0342, reached in 2017, is still ongoing. A firm break beneath the 2023 low of 0.8332 would confirm the continuation of the downtrend.

USD, CHF, Analysis