Daily Pivots: (S1) 0.8971; (P) 0.9001; (R1) 0.9031; More….
USD/CHF is staying in consolidation above 0.8929 and intraday bias remains neutral at this point. Further decline is expected as long as 0.9046 resistance holds. On the downside, break of 0.8929 will resume the fall from 0.9471, to retest 0.8756 low. However, on the upside, break of 0.9045 will indicate short term bottoming. Intraday bias will be turned back to the upside for stronger rebound.
In the bigger picture, prior 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.
