USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 1.0173; (P) 1.0282; (R1) 1.0345; More
USD/CHF's fall extends further to as low as 1.0165 today and at this point, intraday bias remains on the downside as long as 1.0268 minor resistance holds. Break of the trend line support is taken as another signal that medium term rebound from 0.9634 has completed. Further fall should now be seen towards 1.0147 support first. Break will bring deeper fall to 0.9995 support. On the upside, touching of 1.0268 minor existence will turn intraday outlook neutral first. But short term resistance remains on the downside as long as 1.0539 resistance holds.
In the bigger picture, a medium term bottom is in place at 0.9634. Subsequent rally from there is still treated as correction to whole medium term down trend only. Break of 1.0147 support will be another signal that such correction has completed. Further break of 0.9995 support will confirm this case and turn short term outlook bearish for 0.9634 low. However, strong rebound from 0.9995/1.0147 support zone will argue that rebound from 0.9634 is not completed yet and will put focus back to 1.0623 resistance.

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