Daily Pivots: (S1) 0.9044; (P) 0.9071; (R1) 0.9090; More…
USD/CHF’s breach of 0.9050 support suggest resumption of larger decline. Intraday bias is back on the downside. Next near term target is 61.8% projection of 0.9467 to 0.9050 from 0.9197 at 0.8939. On the upside, break of 0.9197 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay 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.
