USD/CHF Stabilizes Mid-Day; A Look at Key Pivot Levels and Forecasts

The USD/CHF currency pair remains steady as traders assess its current position, weighing chances for a potential increase against the odds of continued bearish trends. Market observers are keeping a close eye on daily pivot points, with the first support (S1) at 0.8770, the pivot point (P) at 0.8793, and the first resistance (R1) at 0.8807.

Intraday Perspectives

Neutral momentum persists intraday for USD/CHF, yet there is a bullish slant as the pair holds above the 0.8727 minor support. A push above 0.8819 is likely to rekindle the recovery from the 0.8665 short term base, targeting the pivot from support to resistance at 0.8886. Conversely, should there be a substantial dip below 0.8727, it could signal a preservation of the near-term downward momentum, potentially reviving the descent from the 0.9243 high to revisit 0.8665 lows.

Broader Market View

In a wider context, the USD/CHF movements from the 0.8551 level seem to be part of a broader correction in response to the decline from the peak of 1.0146 recorded in 2022. The current decrease from 0.9243 is perceived as part of a secondary phase. A more intense drop could occur down to the 0.8551 threshold, yet significant support is expected at that juncture, which could prompt a rebound. Additionally, surpassing the 0.9111 resistance level could suggest that the next stage of recovery is underway, aiming for 0.9243 and potentially higher levels.

USDCHF, Forex, Analysis