USD/CHF Daily Outlook

USDCHF Outlook | Written by ActionForex.com |  Daily Pivots: (S1) 0.9958; (P) 1.0000; (R1) 1.0075;  USD/CHF's break of 1.0052 resistance suggests that rebound rally from 0.9547 is resuming. Sustained trading above 100% projection of 0.9462 to 0.9970 from 0.9547 at 1.0055 will target 1.0330 key cluster resistance then. On the downside, below 0.9925 minor support will turn bias back to the downside and deeper fall could be seen to lower trend line support at 0.9651 instead. In the bigger picture, outlook in USD/CHF remains bearish with 1.0330 cluster resistance (38.2% retracement of 1.1729 to 0.9462 at 1.0328) intact. The long term down trend is still expected to continue towards 61.8% projection of 1.8305 to 1.1288 from 1.3283 at 0.8946, which is close to 0.9 psychological level. However, decisive break of 1.0330 will indicate that whole fall from 1.1729 has completed and stronger rebound should be seen towards 61.8% retracement at 1.0863 and possibly above.