Daily Pivots: (S1) 0.9215; (P) 0.9262; (R1) 0.9288; More….
Intraday bias in USD/CHF remains on the downside at this point. Current development suggests that rise from 0.9017, and that from 0.8925, has completed at 0.9367. Deeper fall would be seen to 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.
