Daily Pivots: (S1) 0.8983; (P) 0.9020; (R1) 0.9091; More….
USD/CHF’s break of 0.9044 resistance indicates resumption of rebound from 0.8756. Intraday bias is back on the upside for 100% projection of 0.8756 to 0.9044 from 0.8869 at 0.9127 next. On the downside, below 0.8993 minor support will turn intraday bias neutral again 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.
