Daily Pivots: (S1) 0.9408; (P) 0.9491; (R1) 0.9535; More…
USD/CHF’s decline continues today and hit 100% projection of 1.0023 to 0.9613 from 0.9848 at 0.9438. There is no sign of bottoming yet. Sustained break of 0.9438 will pave the way to 161.8% projection at 0.9185, which is close to 0.9186 long term support. On the upside, break of 0.9597 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, medium term outlook remains neutral as USD/CHF is staying sideway trading started from 1.0342 (2016 high). Fall from 1.0237 is a leg inside the pattern and rejection by 55 week EMA affirms bearishness. Such decline could target 0.9186 (2018 low) and below. In case of another rise, break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall.
