Daily Pivots: (S1) 0.9079; (P) 0.9101; (R1) 0.9115; More…
Intraday bias in USD/CHF is turned neutral with today’s recovery. Further decline is still in favor as long as 0.9197 resistance holds. Below 0.l9087 will target a test on 0.8998 low. Firm break there will resume larger down trend. Next target will be 61.8% projection of 0.9901 to 0.8998 from 0.9304 at 0.8746 next. On the upside, However, break of 0.9197 will extend the corrective pattern from 0.8998 with another rise to 0.9304 resistance and above.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. On resumption, next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. Nevertheless, strong break of 0.9376 support turned resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.
