USD/CHF Daily Outlook

Daily Pivots: (S1) 0.8991; (P) 0.9067; (R1) 0.9106.

The USD/CHF currency pair is still in a consolidation phase following a recent move from 0.9200. At this moment, the intraday bias remains neutral, indicating that the market is currently stable without any strong directional move.

The overall outlook for USD/CHF remains bullish as long as the support zone between 0.8956 and 0.8964 holds. If the price breaks firmly above the resistance levels at 0.9200 and 0.9223, it could indicate the resumption of the rally that began from the low of 0.8374, suggesting a more significant upward trend.

However, if the price sustains a break below 0.8964, this would likely signal a reversal in trend, causing a shift in bias back towards the downside. Traders should closely monitor these levels for potential changes in market direction.

Longer-Term Perspective

Looking at the bigger picture, a decisive break above the resistance at 0.9223 would strongly suggest that the overall downtrend from the 2017 high of 1.0342 has completed. This downtrend had seen a drop down to 0.8332, which was the low point recorded earlier in 2023.

If this breakout occurs, the outlook will shift to a bullish sentiment with the next resistance target set at 1.0146. However, should the price fail to break through the 0.9223 resistance, bearish sentiment may persist, potentially leading to another decline below 0.8332 in the future.

In conclusion, traders should remain vigilant regarding the key levels mentioned, as these will help in determining the future direction of the USD/CHF currency pair.

USD, CHF, Outlook