Daily Pivots: (S1) 0.9233; (P) 0.9268; (R1) 0.9290; More…
USD/CHF’s fall from 0.9901 is still in progress and intraday bias remains on the downside. Deeper decline would be seen to 0.9181 low. We’ll look for bottoming around there. However, break of 0.9362 support turned 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.
