Daily Pivots: (S1) 0.8823; (P) 0.8854; (R1) 0.8884; More….
USD/CHF rebounds further today and focus is now immediately on 0.8918 resistance. Decisive break there will confirm short term bottoming at 0.8756. Intraday bias will be turned back to the upside for 0.8898/9294 resistance zone. On the downside, though, below 0.9921 minor support will indicate rejection by 0.8918. Intraday bias will be back on the downside for retesting 0.8756 low.
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 0.9294 resistance is needed to signal medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.
