Daily Pivots: (S1) 0.9093; (P) 0.9126; (R1) 0.9181; More….
USD/CHF rises to as high as 0.9163 so far. There is no sign of topping yet. Firm break of 100% projection of 0.8756 to 0.9044 from 0.8869 at 0.9157 will indicate upside acceleration. Next target is 0.9181 support turned resistance. On the downside, below 0.9093 minor support will turn intraday bias neutral first.
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.
