USDCHF Daily Outlook

Intraday bias in USD/CHF remains on the upside. Current rally from 0.8698 is still in progress for 0.9156 key resistance. Break will indicate medium term reversal. On the downside, below 0.9034 minor support will turn bias neutral and bring retreat. But outlook will stay bullish as long as 0.8958 resistance turned support holds.

In the bigger picture, price actions from 0.9971 are viewed as a correction pattern. the break above 55 week EMA argues that it might be finished at 0.8698 already. Focus is back on 0.9156 resistance. Decisive break there should confirm this case and turn outlook bullish for a test on 0.9971 high. Meanwhile, break of 0.8855 near term support will dampen this bullish view and would extend the correction to 50% retracement of 0.7065 to 0.9971 at 0.8518 and below. In that case, we'll start to look for reversal signal below 0.8518 again.