Daily Pivots: (S1) 0.8832; (P) 0.8912; (R1) 0.8983; More….
Intraday bias in USD/CHF is turned neutral with current recovery. But upside should be limited by 0.8918 resistance to bring down trend resumption. On the downside, break of 0.8792 will target 61.8% projection of 0.9901 to 0.8998 from 0.9304 at 0.8746. Break will pave the way to long term projection level at 0.8639. However, firm break of 0.8918 will indicate short term bottoming, and turn bias to the upside for stronger rebound.
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.
