Daily Pivots: (S1) 0.9071; (P) 0.9119; (R1) 0.9147; More…
Intraday bias in USD/CHF remains neutral as it’s staying in range above 0.9087 temporary low. Another fall is still expected with 0.9197 resistance intact. On the downside, break of 0.9087 will target a test on 0.8998. Firm break there will resume larger down trend. On the upside, however, break of 0.9197 will extend the corrective pattern from 0.8998 with another rise to 0.9304 resistance and above.
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.
