Daily Pivots: (S1) 0.9174; (P) 0.9204; (R1) 0.9230; More….
USD/CHF’s decline from 0.9471 extends to as low as 0.9127 so far. The break of 38.2% retracement of 0.8756 to 0.9471 at 0.9198 argues that whole rebound from 0.8756 might be finished at 0.9471. Intraday bias is back on the downside for 61.8% retracement at 0.9029 next. On the upside, break of 0.9244 resistance is needed to indicate short term bottoming. Otherwise, deeper fall will remain in favor in case of recovery.
In the bigger picture, rejection by 61.8% retracement of 0.9901 to 0.8756 at 0.9464 argues that rebound from 0.8756 was probably just a corrective move. That is, larger down trend from 1.0237 might be still in progress. We’ll monitor the downside momentum of the decline from 0.9471, to assess the chance of breakthrough 0.8756 low.
