USD/CHF Mid-Day Outlook – Action Forex

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Daily Pivots: (S1) 0.8536; (P) 0.8587; (R1) 0.8614; More….

USD/CHF’s decline continues today and falls through 0.8551 support without noticeable recovery. Longer term down trend is resuming. Intraday bias remains on the downside for 100% projection of 0.9111 to 0.8665 from 0.8819 at 0.8373 next. On the upside, above 0.8572 minor resistance will turn bias neutral and bring consolidations first. But risk will stay on the downside as long as 0.8665 support turned resistance holds.

In the bigger picture, break of 0.8551 support indicates resumption of whole decline from 1.0146 (2022 high). Next target is 61.8% retracement of 1.0146 to 0.8551 from 0.9243 at 0.8257. Sustained break there could prompt downside acceleration to 100% projection at 0.7648. This will now remain the favored case as long as 0.8819 resistance holds.

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