Daily Pivots: (S1) 0.9123; (P) 0.9182; (R1) 0.9235; More…
USD/CHF’s break of 0.9121 minor support suggests that recovery from 0.9056 has completed. Intraday bias is turned back to the downside. Break of 0.9056 will resume larger down trend. On the upside, above 0.9241 will resume the rebound to 0.9376 cluster resistance (38.2% retracement of 0.9901 to 0.9056 at 0.9379).
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. Sustain trading below 100% projection of 1.0342 to 0.9186 from 1.0237 at 0.9081 will pave the way to 138.2% projection at 0.8639. On the upside, break of 0.9376 resistance is needed to be the first sign of medium term bottoming.
