Daily Pivots: (S1) 0.8950; (P) 0.8972; (R1) 0.8998; More….
Intraday bias in USD/CHF remains on the upside at this point. Decisive break of 0.8898 support turned resistance will indicate that rise from 0.8756 short term bottom is at least correcting the fall from 0.9901. Further rally would be seen to 38.2% retracement of 0.9901 to 0.8756 at 0.9193. On the downside, break of 0.8925 resistance turned support will turn intraday bias to the downside for 0.8837 support 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 0.9295 resistance is needed to signal medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
