Daily Pivots: (S1) 0.9147; (P) 0.9187; (R1) 0.9220; More…
Intraday bias in USD/CHF remains on the downside at this point. Current decline should now target next fibonacci projection level at 0.9081. On the upside, break of 0.9230 minor resistance will turn intraday bias neutral again. But outlook will remain bearish as long as 0.9362 support turned resistance holds, in case of recovery.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). Current development suggests that such pattern is still extending. Based on current down side momentum, break of 0.9181 will target 100% projection of 1.0342 to 0.9186 from 1.0237 at 0.9081. Firm break there will pave the way to 138.2% projection at 0.8639. On the upside, break of 0.9362 resistance is needed to be the first sign of medium term bottoming too.
