Daily Pivots: (S1) 0.8872; (P) 0.8893; (R1) 0.8916; More….
USD/CHF’s break of 0.8871 temporary low should indicate down trend resumption. Intraday bias is back on the downside for t 61.8% projection of 0.9901 to 0.8998 from 0.9304 at 0.8746 next. On the upside, though, break of 0.8914 minor resistance will turn intraday bias neutral again and bring more consolidations 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. Next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. In any case, break of 0.9304 resistance is needed to signal medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
