Daily Pivots: (S1) 0.8971; (P) 0.9014; (R1) 0.9046; More…
Intraday bias in USD/CHF is turned neutral with today’s strong rebound. Another fall could still be seen with 0.9082 minor resistance intact. Break of 0.8982 will resume larger down trend. Though, firm break of 0.9082 will indicate short term bottoming. Intraday bias will be turned back to the upside for 0.9207 resistance.
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 0.9304 resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.
