USD/CHF Intraday Outlook 19-April-23

USD/CHF Daily Outlook and Analysis

The USD/CHF intraday direction is currently uncertain, with no changes in the overall forecast. There’s still a chance for a further decrease, especially if the 0.9074 resistance level, previously a support, remains unbroken. Should the rate drop below 0.8862, the downtrend will likely continue towards a 61.8% projection level at 0.8771, which is near the long-term support of 0.8760. At this point, a strong bounce is expected, at least initially. If the 0.9074 resistance level is breached, it will signal a short-term bottom, and the trend will likely shift upwards.

In terms of the broader perspective, the decline from the 2022 high of 1.1050 is heading towards the 2021 low of 0.8760. However, this downward movement is still considered part of a long-term range pattern that started with the 2016 high of 1.0346. Therefore, the fall should be limited by the 0.8760 support level, potentially triggering a reversal. If the rate manages to break above the 0.9062 resistance level, it would suggest the beginning of a medium-term bottom. On the other hand, a significant break below the 0.8760 support level would imply more pronounced bearish consequences.