Daily Pivots: (S1) 0.8830; (P) 0.8874; (R1) 0.8897; More…
USD/CHF’s decline continues today and breaks 0.8818 and intraday bias stays on the downside. But while further decline could be seen, strong support is expected from 0.8756 to contain downside. On the upside, above 0.8900 support turned resistance will turn intraday bias back to the upside for rebound. 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.
