Daily Pivots: (S1) 0.9377; (P) 0.9427; (R1) 0.9496; More…
A temporary low is formed at 0.9355 and intraday bias in USD/CHF is turned neutral for some consolidations. Upside of recovery should be limited by 0.9680 minor resistance to bring another decline. Below 0.9355 will resume the fall from 1.0146 to 0.9287 fibonacci level.
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 0.9793) holds.
