GBP/USD Daily Outlook
Daily Pivots: (S1) 1.3907; (P) 1.3948; (R1) 1.3975;
At this point, with 1.3873 minor support intact, further rise is still in favor in GBP/USD for 1.4144 resistance. Break there will confirm completion of correction from 1.4345 and target retest of this high. On the downside, below 1.3873 minor support will turn bias to the downside to extend the corrective fall from 1.4345 instead.
In the bigger picture, as long as 1.3038 support holds, medium term outlook in GBP/USD will remains bullish. Rise from 1.1946 is at least correcting the long term down from 2007 high at 2.1161. Further rally would be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. However, GBP/USD fails to sustain above 55 month EMA (now at 1.4259) so far. Break of 1.3038 support, will suggest that rise from 1.1946 has completed and will turn outlook bearish for retesting this low.
USD/CHF Daily Outlook
Daily Pivots: (S1) 0.9458; (P) 0.9488; (R1) 0.9544;
USD/CHF is staying in range below 0.9533 temporary top and intraday bias remains neutral first. Further rise is in favor as long as 0.9356 support holds. Break of 0.9533 will resume the rebound from 0.9186 and target 0.9626 fibonacci level. However, on the downside, break of 0.9356 will indicate that the rebound has completed. In such case, intraday bias will be turned back to the downside for retesting 0.9186 low.
In the bigger picture, fall from 1.0342 is seen as a medium term down trend. Current development is raising the chance that it is completed. But there is no confirmation yet. Focus will now be back on 38.2% retracement of 1.0342 (2016 high) to 0.9186 (2018 low) at 0.9626. Sustained break there will add much credence to the case of trend reversal and target 61.8% retracement at 0.9900 and above). However, rejection from 0.9626 will maintain medium term bearishness for another low below 0.9186.
