USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8627; (P) 0.8680; (R1) 0.8728; More….

Intraday bias in USD/CHF remains mildly on the downside for the moment. Current decline from 0.9243 should extend to target 0.8551 key support level. For now, near term outlook will stay bearish as long as 0.8819 resistance holds, in case of recovery.

In the bigger picture, price actions from 0.8551 are currently seen as part of a corrective pattern to the decline from 1.0146 (2022 high). Fall from 0.9243 is seen as the second leg for now. Deeper decline could be seen to 0.8551 low but strong support should be seen there to bring rebound. Meanwhile, break of 0.9111 resistance will argue that the third leg has started already, and target 0.9243 and above.

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