Daily Pivots: (S1) 0.9281; (P) 0.9320; (R1) 0.9350; More…
USD/CHF is still bounded in range trading above 0.9288 temporary low at this point. And intraday bias remains neutral. Another recovery could be seen as consolidation extends. But after all, as long as 0.9448 minor resistance holds, near term outlook stays bearish. Break of 0.9288 will extend larger down trend to next key fibonacci level at 0.9115. Nonetheless, break of 0.9448 will indicate short term bottoming and bring stronger rebound.
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.
