Daily Pivots: (S1) 0.9123; (P) 0.9181; (R1) 0.9211; More….
USD/CHF’s break of 0.9128 minor support suggests that rebound form 0.9017 has completed at 0.9241 already. Intraday bias is back on the downside for 0.9017 support. Break there will likely resume the decline form 0.9471 through 0.8925 low. For now, risk will stay mildly on the downside as long as 0.9241 resistance holds, in case of recovery.
In the bigger picture, the failure to sustain above 55 week EMA (now at 0.9184) retains medium term bearish in USD/CHF. Break of 0.8925 support should resume the whole decline form 1.0342 (2016 high) through 0.8756 low. However, break of 0.9273 resistance and sustained trading above 55 week EMA will be an early sign of bullish trend reversal. Focus will then turn to 0.9471 resistance for confirmation.
