USD/CHF Daily Outlook 06-April-23

USD/CHF Intraday Outlook and Analysis

Intraday bias in USD/CHF remains tilted towards the downside for now. Sustained trading below the 38.2% projection of 1.0151 to 0.9063 from 0.9444 at 0.9028 will extend the downtrend from 1.0151 to the 61.8% projection at 0.8772. On the upside, surpassing the 0.9104 minor resistance will shift the intraday bias to neutral and initiate consolidations first, followed by another decline.

In the bigger picture, the outlook will remain bearish as long as the 0.9444 resistance holds, indicating that the fall from 1.1051 (2022 high) is still underway. The previous rejection by the 55-week EMA suggests a medium-term bearish signal. A sustained break of 0.9063 will resume this decline towards the 0.8761 support (2021 low). However, the overall decline is still viewed as a leg within the long-term range pattern from 1.0347 (2016 high). Therefore, the downside should be contained by 0.8761, eventually leading to a reversal.