Daily Pivots: (S1) 0.9091; (P) 0.9143; (R1) 0.9171; More….
USD/CHF’s fall from 0.9367 resumed and intraday bias is back on the downside. As noted before, Corrective rise from 0.8927 should be complete with three waves up to 0.9367, on bearish divergence condition in daily MACD. Further decline would be seen back to 0.9017 support first, and then 0.8925 support next. For now, outlook will stay bearish as long as 0.9225 minor resistance holds, in case of recovery.
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 and assess the odds later. But for now, medium term outlook will be neutral at best as long as 0.9471 resistance holds.
