Daily Pivots: (S1) 0.8891; (P) 0.8908; (R1) 0.8930; More…
USD/CHF’s sharp decline suggests that recovery from 0.8819 has completed at 0.8923, after rejection by 55 4H EMA. Intraday bias is back on the downside for 0.8819. Firm break there will resume whole fall from 0.9223. Next target is 61.8% retracement of 0.8332 to 0.9223 at 0.8672. For now, risk will stay on the downside as long as 0.8923 resistance holds.
In the bigger picture, with 0.9243 resistance intact, medium term outlook in USD/CHF is neutral at best. For now, more sideway trading is likely between 0.8332/9243. However, firm break of 0.9243 will indicate larger bullish trend reversal.
