USD/CHF Mid-Day Outlook...from Austen

01 Sep 2020, 16:00 · Views 1,171

Daily Pivots: (S1) 0.9010; (P) 0.9055; (R1) 0.91908631;

Intraday bias in USD/CHF remains neutral as it’s staying above 0.9009 temporary low. Outlook stays bearish for further fall as long as 0.9197 resistance holds. Break of 0.9009 will resume larger down trend for 100% projection of 1.0237 to 0.9181 from 0.9901 at 0.8845. On the upside, though, break of 0.9197 resistance will indicate short term bottoming and bring stronger rebound.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low), which is still extending. Sustained trading below 100% projection of 1.0342 to 0.9186 from 1.0237 at 0.9081 will pave the way to 138.2% projection at 0.8639. On the upside, break of 0.9376 resistance is needed to be the first sign of medium term bottoming.

Reprinted from ActionForex，the copyright all reserved by the original author.

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