Daily Pivots: (S1) 0.8954; (P) 0.8978; (R1) 0.9001; More….
With 0.9046 resistance intact, further decline is expected in USD/CHF. Current fall from 0.9471 should target a test on 0.8756 low. However, break of 0.9046 resistance will now indicate short term bottoming. Intraday bias will be turned 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. Medium term bearish is also affirmed as the pair is now far below falling 55 week EMA. Firm break of 0.8756 low will target 61.8% projection of 1.0237 to 0.8756 from 0.9471 at 0.8556 next.
