Daily Pivots: (S1) 0.9062; (P) 0.9100; (R1) 0.9123; More….
USD/CHF’s break of 0.9076 suggests resumption of fall from 0.9192. Intraday bias is turned back to the downside for retesting 0.8982 low. Decisive break there will resume larger down trend. On the upside, decisive break of 0.9192 resistance will be the first sign of bullish reversal and bring stronger rise to 0.9304 resistance for confirmation.
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.
