Daily Pivots: (S1) 0.9395; (P) 0.9442; (R1) 0.9479; More…
USD/CHF is losing some downside momentum as seen in 4 hour MACD. But intraday bias stays on the downside for 0.9369 support, and then 0.9287 fibonacci level. On the upside, break of 0.9488 minor resistance will turn intraday bias neutral first and bring consolidation, before staging another decline.
In the bigger picture, rise from 0.8756 (2021 low) has completed at 1.0146, well ahead of 1.0342 long term resistance (2016 high). Based on current downside momentum, fall from 1.0146 might be a medium term down trend itself. Break of 61.8% retracement of 0.8756 to 1.0146 at 0.9287 will pave the way to 0.8756. In any case, risk will stay on the downside as long as 55 day EMA (now at 0.9821) holds.
