Daily Pivots: (S1) 0.9042; (P) 0.9113; (R1) 0.9155; More…
Intraday bias in USD/CHF is back on the downside with break of 0.9084 support. On the downside, sustained break of 61.8% projection of 1.0146 to 0.9355 from 0.9545 at 0.9056 will resume the whole fall from 1.0146 to 100% projection at 0.8754, which is close to 0.8756 long term support. Nevertheless, strong rebound from current level, followed by 0.9287 resistance, should confirm short term bottoming.
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 should be a medium term down trend itself. Next target is a test on 0.8756 low. Strong support should be seen there to bring rebound. Still, further decline will now be expected as long as 0.9407 resistance holds, in any case.
