Daily Pivots: (S1) 0.9153; (P) 0.9176; (R1) 0.9194; More…
USD/CHF’s fall from 0.9304 resumes by taking out 0.9133 temporary low. Intraday bias is turned back to the downside for retesting 0.8998 low. Firm break there will resume larger down trend. On the upside, break of 0.9197 resistance is needed to indicate completion of the fall from 0.9304. Otherwise, outlook will now stay mildly 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 high). There is no clear sign of completion yet. On resumption, next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. Nevertheless, strong break of 0.9376 support turned resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.
