Daily Pivots: (S1) 0.9105; (P) 0.9132; (R1) 0.9160; More….
No change in USD/CHF’s outlook as consolidation from 0.9079 continues. Intraday bias remains neutral at this point. Further fall is expected with 0.9180 minor resistance intact. On the downside, break of 0.9079 will resume the decline from 0.9471 to 61.8% retracement of 0.8756 to 0.9471 at 0.9029. Sustained break there will pave the way to retest 0.8756 low. On the upside, however, break of 0.9180 will turn bias back to the upside for stronger 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 at a later stage.
