Daily Pivots: (S1) 0.9067; (P) 0.9098; (R1) 0.9130; More…
Intraday bias in USD/CHF is neutral for the moment as some consolidations could be seen above 0.9050. But outlook will stay bearish as long as 0.9241 resistance holds. On the downside, break of 0.9050 will resume larger down trend to 61.8% projection of 0.9467 to 0.9056 from 0.9241 at 0.8987, and then 100% projection at 0.8830. Nevertheless, firm break of 0.9241 will indicate short term bottoming and turn bias back to the upside for rebound.
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.
