Daily Pivots: (S1) 0.9050; (P) 0.9098; (R1) 0.9123; More….
USD/CHF’s fall from 0.9471 is still in progress and intraday bias remains on the downside. Sustained break of 61.8% retracement of 0.8756 to 0.9471 at 0.9029 will pave the way to retest 0.8756 low. On the upside, break of 0.9163 minor resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish 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 at a later stage.
