Daily Pivots: (S1) 0.9545; (P) 0.9722; (R1) 0.9813; More…
USD/CHF’s decline accelerated to as low as 0.9617s so far, and there is no sign of bottoming yet. Sustained trading below 61.8% retracement of 0.9369 to 1.0146 at 0.9666 will raise the chance of larger reversal and target 0.9478 support next. On the upside, above 0.9698 minor resistance will turn intraday bias neutral first.
In the bigger picture, a medium term top should be in place at 1.0146 on bearish divergence condition in daily MACD. Fall from 1.0146 support is probably a correction to the whole up trend from 0.8756 (2021 low). Firm break of 55 week EMA (now at 0.9578) will pave the way to 0.9369 support and possibly below.
