Daily Pivots: (S1) 0.9291; (P) 0.9359; (R1) 0.9395; More…
Intraday bias in USD/CHF remains neutral first. ON the downside, firm break of 0.9284 support will argue that rebound from 0.9058 has completed, and turn bias back to the downside for retesting this low. Nevertheless, strong rebound from current level, followed by break of 0.9439 will target 38.2% retracement of 1.0146 to 0.9058 at 0.9474.
In the bigger picture, decline from 1.0146 is seen as part of a long term sideway pattern. As long as 38.2% retracement of 1.0146 to 0.9058 at 0.9474 holds, another fall is in favor through 0.9058. However, sustained trading above 0.9474 will indicate that the medium term trend has reversed, and open up further rally to 61.8% retracement at 0.9730 and above.
