Daily Pivots: (S1) 0.9306; (P) 0.9387; (R1) 0.9455; More…
USD/CHF’s decline accelerates further today and hits as low as 0.9181 so far. 161.8% projection of 1.0023 to 0.9613 from 0.9848 at 0.9185 is already met and there is no sign of bottoming yet. Intraday bias remains on the downside. Sustained break of 0.9185 will pave the way to 200% projection at 0.9028 next. On the upside, above 0.9390 minor resistance will turn intraday bias neutral and bring consolidations, before staging another fall.
In the bigger picture, current development suggests that decline from 1.0237 is the third leg of the pattern from 1.0342 (2016 high). Focus will be on 100% projection 1.0342 to 0.9186 from 1.0237 at 0.9081. Sustained break there will argue that USD/CHF is in a long term down trend, which would target 138.2% projection at 0.8639 next. For now, outlook will remain bearish as long as 0.9613 support turned resistance holds, in case of rebound.
