Daily Pivots: (S1) 0.9044; (P) 0.9091; (R1) 0.9132; More…
Intraday bias in USD/CHF stays on the downside at this point. Current down trend should target 61.8% projection of 0.9467 to 0.9056 from 0.9241 at 0.8987, and then 100% projection at 0.8830. On the upside, break of 0.9241 resistance is now needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
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.
