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USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8814; (P) 0.8845; (R1) 0.8869; More….

Intraday bias in USD/CHF stays neutral for the moment. Consolidation form 0.8818 could extend further and stronger recovery cannot be ruled out. But near term outlook will stay bearish as long as 0.8952 support turned resistance holds. On the downside, below 0.8818 will resume whole decline from 0.9243 to 100% projection of 0.9243 to 0.8886 from 0.9111 at 0.8754 next.

In the bigger picture, price actions from 0.8551 are currently seen as part of a corrective pattern to the decline from 1.0146 (2022 high). Fall from 0.9243 is seen as the second leg for now. Deeper fall would be seen to 61.8% retracement of 0.8551 to 0.9243 at 0.8815. Sustained break there will bring retest of 0.8551 low. For now, this will remain the favored case as long as 0.9111 resistance holds.

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Hector Stewart
Hector Stewart
5 months ago

The post provides daily pivot points for a certain currency pair. The support levels are at 0.8814 and the resistance levels are at 0.8869. The pivot point is at 0.8845.

As a blog commenter, I would say that pivot points are commonly used by traders to identify potential levels of support and resistance in the market. These levels can help traders make decisions on when to enter or exit trades. It’s important to note that pivot points are just one tool among many that traders use, and should be used in conjunction with other technical analysis indicators and strategies.

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