Daily Pivots: (S1) 0.9304; (P) 0.9351; (R1) 0.9381; More…
USD/CHF’s break of 0.9362 indicates resumption of recent fall from 0.9901. Intraday bias is back on the downside. Deeper decline would be seen to retest 0.9181 low. On the upside, break of 0.9467 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will stay bearish in case of recovery.
In the bigger picture, USD/CHF is still staying in long term range pattern from 1.0342, (2016 high). While deeper fall could be seen, we do not expect a firm break of 0.9181/86 support zone (2018 and 2020 low). Hence, we’d look for bottoming signal as it approaches this zone. However, sustained break there will carry long term bearish implications for next key support at 0.8336.
