Daily Pivots: (S1) 0.9275; (P) 0.9335; (R1) 0.9368; More….
USD/CHF’s correction from 0.9471 short term top is extending lower today. Deeper fall could be seen to 38.2% retracement of 0.8756 to 0.9471 at 0.9198. We’d expect strong support from there to contain downside and bring rebound. On the upside, above 0.9350 minor resistance will bring retest of 0.9471 high. However, sustained break of 0.9198 will bring deeper decline to 61.8% retracement at 0.9029.
In the bigger picture, fall from 1.0237 should have completed at 0.8756, on bullish condition in daily and weekly MACD. Current rally from 0.8756 should target 0.9901 resistance first. Break there will target 1.0237/0342 resistance zone in the medium term. This will now remain the favored case as long as 0.9044 resistance turned support holds.