USD/CHF Daily Outlook and Analysis
The intraday bias for USD/CHF currently remains neutral. The outlook continues to suggest that a corrective pattern from a 0.9061 low is in progress. While another increase is possible, the upside should be capped by the 0.9477 Fibonacci level. If the 0.9061 level is firmly broken on the downside, the larger downtrend from 1.1049 will resume.
Looking at the bigger picture, the decline from 1.1049 (2022 high) is expected to continue as long as the 38.2% retracement of 1.0149 to 0.9061 at 0.9477 remains intact. The previous rejection by the 55-week EMA indicates a medium-term bearish sentiment. A break below 0.9061 will extend this decline towards the 0.8759 support level (2021 low). However, this decline is still considered a part of the long-term range pattern that began at 1.0345 (2016 high). Therefore, the downside should be limited by 0.8759, potentially leading to a reversal.