Daily Pivots: (S1) 0.9380; (P) 0.9411; (R1) 0.9465; More…
USD/CHF rises to as high as 0.9484 and focus in now on 0.9490 resistance. Break till revive the case of near term reversal. And that is supported by head and shoulder bottom pattern (ls: 0.9254, h: 0.9186, rs: 0.9337). In that case, near term outlook will be turned bullish for a test on 1.0037 resistance. Nonetheless, break of 0.9337 should send USD/CHF through 0.9186 to resume larger down trend to 0.9115 projection level.
In the bigger picture, fall from 1.0342 is seen as a medium term down trend. Deeper decline 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 0.8545. In any case, sustained trading above 55 day EMA is needed to be the first sign of medium term reversal. Otherwise, outlook will stay bearish even in case of strong rebound.
