Daily Pivots: (S1) 0.8996; (P) 0.9026; (R1) 0.9049; More….
USD/CHF’s fall from 0.9243 is in progress and intraday bias stays on the downside. Strong support could be see around 38.2% retracement of 0.8551 to 0.9243 at 0.8979 to contain downside on first attempt. Break of 0.9081 will turn bias back to the upside for stronger rebound. However, sustained break of 0.8979 will argue that deeper fall is under way to 61.8% retracement at 0.8815.
In the bigger picture, current development indicates that rise from 0.8551 is reversing whole down trend from 1.0146. Further rally would then be seen to 61.8% retracement at 0.9537 and above. For now, this will be the favored case as long as 55 D EMA (now at 0.8971) holds, even in case of deep pullback.
