Daily Pivots: (S1) 0.8966; (P) 0.9028; (R1) 0.9062; More….
USD/CHF”s break of 0.8982 confirms down trend resumption. Intraday bias remains on the downside for 61.8% projection of 0.9901 to 0.8998 from 0.9304 at 0.8746 next. On the upside, break of 0.9019 minor resistance will turn bias neutral and bring recovery first.
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.
