USD/CHF Mid-Day Outlook
Daily Pivots: (S1) 1.0041; (P) 1.0104; (R1) 1.0163; More
USD/CHF's fall resumes in early US session and breaks mentioned 1.0000 psychological level. At this point, intraday bias remains on the downside as long as 1.0142 minor resistance holds and further decline is still expected. Above 1.0142 will turn intraday outlook consolidative first. But short term outlook will remain bearish until a break of 1.0352 resistance.
In the bigger picture, whole down trend from 1.3283 (05 high) is still in progress. Also, such medium term decline is tentatively treated as resumption of the long term down trend from 1.8305 (00 high) and has already met parity. Sustained trading below 1.0000 psychological support will set the stage for further down trend to 61.8% projection of 1.8305 to 1.1128 from 1.3283 at 0.8946.
On the upside, above 1.0352 resistance will indicate that fall from 1.1105 has possibly completed. This will also be the first alert that USD/CHF is having strong support from parity. Strong rebound should then be seen in such case, with prospect of testing 1.0729 support turned resistance. But after all, medium term outlook will remain bearish as long as this 1.0729 resistance holds.
Daily Pivots: (S1) 1.0041; (P) 1.0104; (R1) 1.0163; More
USD/CHF's fall resumes in early US session and breaks mentioned 1.0000 psychological level. At this point, intraday bias remains on the downside as long as 1.0142 minor resistance holds and further decline is still expected. Above 1.0142 will turn intraday outlook consolidative first. But short term outlook will remain bearish until a break of 1.0352 resistance.
In the bigger picture, whole down trend from 1.3283 (05 high) is still in progress. Also, such medium term decline is tentatively treated as resumption of the long term down trend from 1.8305 (00 high) and has already met parity. Sustained trading below 1.0000 psychological support will set the stage for further down trend to 61.8% projection of 1.8305 to 1.1128 from 1.3283 at 0.8946.
On the upside, above 1.0352 resistance will indicate that fall from 1.1105 has possibly completed. This will also be the first alert that USD/CHF is having strong support from parity. Strong rebound should then be seen in such case, with prospect of testing 1.0729 support turned resistance. But after all, medium term outlook will remain bearish as long as this 1.0729 resistance holds.
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