Daily Pivots: (S1) 0.9078; (P) 0.9123; (R1) 0.9145; More….
USD/CHF’s break of 0.9116 support suggests resumption of fall from 0.9273. It also affirms the case that rebound from 0.8925 has completed. Intraday bias is back on the downside for retesting 0.8925 support next. On the upside, above 0.9166 minor resistance will mix up the near term outlook and turn intraday bias neutral first.
In the bigger picture, medium term outlook is currently neutral with focus on 0.9471 resistance. Sustained break there will indicate completion of whole decline from 1.0342 (2016 high). Medium term outlook will be turned bullish for a test on 1.0342 high. But, rejection by 0.9471 again will revive bearishness for another fall through 0.8756 low.
