Daily Pivots: (S1) 0.9304; (P) 0.9351; (R1) 0.9381; More…
Intraday bias in USD/CHF remains on the downside at this point. Current decline form 0.9901 should target a test on 0.9181 low. We’ll looking for bottoming around there. On the upside, break of 0.9362 support turned resistance will turn intraday bias neutral first. But break of 0.9467 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will stay bearish in case of recovery.
In the bigger picture, USD/CHF is still staying in long term range pattern from 1.0342, (2016 high). While deeper fall could be seen, we do not expect a firm break of 0.9181/86 support zone (2018 and 2020 low). Hence, we’d look for bottoming signal as it approaches this zone. However, sustained break there will carry long term bearish implications for next key support at 0.8336.
