Daily Pivots: (S1) 0.9007; (P) 0.9030; (R1) 0.9061; More…
USD/CHF dipped to 0.8998 but quickly recovered. Intraday bias is turned neutral again first. On the upside, break of 0.9161 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery. Break of 0.8998 will target 100% projection of 1.0237 to 0.9181 from 0.9901 at 0.8845.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low), which is still extending. Sustained 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.
