Daily Pivots: (S1) 0.9301; (P) 0.9347; (R1) 0.9384; More…
USD/CHF is staying in consolidation above 0.9288 temporary low. Intraday bias remains neutral first. But with 0.9536 resistance intact, outlook stays bearish and deeper fall is expected. Break of 0.9288 will resume the larger down trend and target next key fibonacci level at 0.9115.
In the bigger picture, the strong break of 0.9420 support suggests that fall from 1.0342 is developing into a medium term down trend. Deeper fall should be seen to 100% projection of 1.0342 to 0.9420 from 1.0037 at 0.9115. Break will target 161.8% projection at 08545. In any case, break of 0.9640 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish even in case of strong rebound.
