USD/CHF Daily Outlook
Intraday bias in USD/CHF remains neutral with focus on 0.8952 resistance. Decisive break there will complete a double bottom (0.8698, 0.8702) and will indicate trend reversal. In such case, stronger rise should be seen to 0.9156 resistance for confirmation. On the downside, below 0.8857 minor support will retain the view that price action from 0.8698 is merely a consolidation pattern and will turn bias back to the downside for retesting 0.8698 support instead.
In the bigger picture, price actions from 0.9971 are still viewed as a correction pattern. Decline from 0.9838 is seen as the third leg. As long as 0.8952 resistance holds, deeper fall would still be seen to 50% retracement of 0.7065 to 0.9971 at 0.8518 and below. We’d start to look for reversal signal below 0.8518 again. Or, decisive break of 0.8952 will be an early sign of reversal and will turn focus back to 0.9156 resistance for confirmation.
Source: actionforex
