Daily Pivots: (S1) 0.8891; (P) 0.8900; (R1) 0.8909; More….
With 0.8945 minor resistance intact, further fall is expected in USD/CHF for 0.8837 support. The corrective rise from 0.8756 should have completed with three waves to 0.9044 already. Break of 0.8837 will bring retest of 0.8756 low. On the upside, above 0.8945 minor resistance will dampen this bearish case and turn bias back to the upside for 0.9044 resistance 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. Next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. In any case, break of 0.9295 resistance is needed to signal medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
