Daily Pivots: (S1) 0.8830; (P) 0.8874; (R1) 0.8897; More…
Intraday bias in USD/CHF remains on the downside as fall from 0.9146 continues. Deeper decline should be seen to 0.8818 and below, to resume whole down trend from 1.0146. Strong support is expected from 0.8756 to contain downside and bring rebound. On the upside, above 0.8916 minor resistance will turn intraday bias neutral first. However, decisive break of 0.8756 will carry larger bearish implication.
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). While further decline cannot be ruled out, strong support is expected from 0.8756 long term support to bring reversal. Firm break of 0.9146 resistance should confirm medium term bottoming.
