Daily Pivots: (S1) 0.9174; (P) 0.9258; (R1) 0.9333; More…
USD/CHF is staying in consolidation from 0.9181 and intraday bias remains neutral first. Upside of recovery should be limited by 38.2% retracement of 0.9484 to 0.9181 at 0.9436 down trend 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.
