Daily Pivots: (S1) 0.9174; (P) 0.9258; (R1) 0.9333; More…
With 4 hour MACD crossed above signal line, a temporary low should be formed at 0.9181 in USD/CHF. Intraday bias is turned neutral for consolidations first. But upside of recovery should be limited well below 0.9613 support turned resistance to bring fall resumption. On the downside, break of 0.9181 will target 200% projection of 1.0023 to 0.9613 from 0.9848 at 0.9028 next.
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.
