Daily Pivots: (S1) 0.9098; (P) 0.9144; (R1) 0.9169; More…
Intraday bias in USD/CHF remains neutral first. Another rise is in favor with 0.9082 minor support intact. Brea of 0.9200 will resume the rebound from 0.8998 to 55 day EMA (now at 0.9230) and then 38.2% retracement of 0.9901 to 0.8998 at 0.9343. On the downside, below 0.9082 minor support will turn bias back to the downside for retesting 0.8998 low instead.
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.
