Daily Pivots: (S1) 0.9038; (P) 0.9066; (R1) 0.9094; More….
Intraday bias in USD/CHF is turned neutral with current retreat. Some consolidations could be seen below 0.9093 temporary top first. On the upside, break of 0.9093 will resume the rise from 0.9756 to 100% projection of 0.8756 to 0.9044 from 0.8869 at 0.9127 next.
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.
