Daily Pivots: (S1) 0.9062; (P) 0.9084; (R1) 0.9125; More…
Immediate focus is now on 0.9013 minor support in USD/CHF with today’s fall. Sustained break there will argue that corrective recovery from 0.8818 has completed at 0.9146 already. Intraday bias will turn back to the downside for retesting 0.8818 low. On the upside, though, above 0.9146 will resume the rebound towards 38.2% retracement of 1.0146 to 0.8818 at 0.9325.
In the bigger picture, fall from 1.1046 (2022 high) is seen as a leg in the long term range pattern from 1.0342 (2016 high), which might have completed at 0.8818 already, just ahead of 0.8756 long term support. Sustained trading above 0.9058 support turned resistance should confirm medium term bottoming. Further break of 0.9439 resistance will confirm bullish trend reversal.
