Daily Pivots: (S1) 0.9215; (P) 0.9262; (R1) 0.9288; More….
USD/CHF’s decline from 0.9367 extends lower today and the break of 0.9214 support argues that rise from 0.9017 has completed at 0.9367. Considering bearish divergence condition in daily MACD. The rise from 0.8925 might have finished too. Intraday bias is back to the downside for 0.9162 support first. Firm break there will target 0.9017 support next. On the upside, break of 0.9312 support will bring retest of 0.9367 resistance instead.
In the bigger picture, the corrective structure of the rebound from 0.8925 argues that fall from 0.9471 is not completed yet. It could either be the second leg of pattern from 0.8756 (2021 low), or resuming larger down trend from 1.0237 (2018 high). We’d pay attention to the downside momentum of assess the odds later. But for now, medium term outlook will be neutral at best as long as 0.9471 resistance holds.
