Daily Pivots: (S1) 0.8768; (P) 0.8792; (R1) 0.8809; More….
USD/CHF’s down trend is still in progress and intraday bias remains on the downside. Break of 61.8% projection of 0.9901 to 0.8998 from 0.9304 at 0.8746 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.
