Daily Pivots: (S1) 0.9137; (P) 0.9154; (R1) 0.9172; More….
A temporary low is formed at 0.9127 and intraday bias in USD/CHF is turned neutral first. Further fall is expected as long as 0.9244 resistance holds. Below 0.9127 will extend the fall from 0.9471 to 61.8% retracement of 0.8756 to 0.9471 at 0.9029. Nevertheless, break of 0.9244 will indicate short term bottoming and turn bias to the upside for rebound.
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.
