USD/CHF Daily Outlook 28-MARCH-23

USD/CHF Intraday Outlook and Analysis

The intraday outlook for USD/CHF holds a neutral stance initially, as range-bound trading continues. The prevailing outlook suggests the corrective pattern from the 0.9062 low is extending. Although another increase remains possible, the upside should face a limit at the 0.9478 Fibonacci level. On the downside, a decisive break below 0.9062 will recommence the broader downtrend from 1.1050.

Examining the larger picture, the decline from 1.1050 (2022 high) appears to be ongoing, with the 38.2% retracement level of the range from 1.0150 to 0.9062 at 0.9478 remaining intact. The previous rejection by the 55-week EMA indicates a medium-term bearish signal. Breaking 0.9062 will resume this decline, targeting the 0.8760 support level (2021 low). However, the overall fall is likely to be a segment in the long-term range pattern that started at 1.0346 (2016 high). As a result, the downside should encounter resistance at 0.8760, potentially leading to a reversal.