Daily Pivots: (S1) 0.9167; (P) 0.9199; (R1) 0.9231; More…
A temporary low was formed at 0.9166 in USD/CHF with 4 hour MACD crossed above signal line. Intraday bias is turned neutral for some consolidations. Upside of recovery should be limited by 0.9362 support turned resistance to bring another fall. On the downside, break of 0.9166 will turn bias back to the downside for next fibonacci projection level at 0.9081.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). Current development suggests that such pattern is still extending. Based on current down side momentum, break of 0.9181 will target 100% projection of 1.0342 to 0.9186 from 1.0237 at 0.9081. Firm break there will pave the way to 138.2% projection at 0.8639. On the upside, break of 0.9362 resistance is needed to be the first sign of medium term bottoming too.
