Daily Pivots: (S1) 0.9047; (P) 0.9078; (R1) 0.9102; More…
USD/CHF’s fall from 0.9304 is still in progress and intraday bias stays on the downside for 0.8998 low. Break there will resume larger down trend. Next target is 61.8% projection of 0.9901 to 0.8998 from 0.9304 at 0.8746. On the upside, break of 0.9165 resistance will delay the bearish case. Intraday bias will be turned back to the upside to extend the consolidation from 0.8998 with another rising leg.
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 0.9304 resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.
