Daily Pivots: (S1) 0.9075; (P) 0.9136; (R1) 0.9180; More…
USD/CHF’s break of 0.9089 minor support indicates that fall form 0.9304 is resuming. Intraday bias is back on the downside for 0.8998 low. Firm break there will confirm resumption of larger down trend. Next near term target is 100% projection of 0.9304 to 0.9030 from 0.9207 at 0.8933. For now, near term outlook will stay bearish as long as 0.9207 resistance holds, 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 0.9304 resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.
