Daily Pivots: (S1) 0.9113; (P) 0.9139; (R1) 0.9157; More….
USD/CHF’s break of 0.9079 suggests resumption of fall from 0.9471. Intraday bias is back on the downside for 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, though, break of 0.9163 minor resistance should indicate short term bottoming, and turn bias 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.
