Daily Pivots: (S1) 0.8832; (P) 0.8912; (R1) 0.8983; More….
Intraday bias is USD/CHF is back on the downside as down trend resumes by breaking 0.8792 temporary low. Further fall should be seen to 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. In any case, outlook will remain bearish as long as 0.8918 resistance holds.
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.
