Daily Pivots: (S1) 0.9043; (P) 0.9068; (R1) 0.9117; More….
Intraday bias in USD/CHF is turned neutral with current recovery. Further fall is mildly in favor as long as 0.9093 minor resistance intact. On the downside, decisive break of 0.8982 will resume larger down trend. On the upside, above 0.9093 minor resistance will turn bias back to the upside for 0.9192/9207 resistance zone instead.
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.
