Daily Pivots: (S1) 0.9336; (P) 0.9369; (R1) 0.9414; More…
Intraday bias in USD/CHF remains neutral as consolidation from 0.9181 continues. 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. However, firm break of 0.9436 will bring stronger rebound to 61.8% retracement at 0.9593.
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.
