Daily Pivots: (S1) 0.9116; (P) 0.9159; (R1) 0.9191; More….
With break of 0.9156 support, intraday bias in USD/CHF is back on the downside for 0.9084 support. Firm break there should confirm that choppy rise from 0.8925 has completed, and suggests that fall from 0.9471 is resuming. Deeper decline would be seen through 0.8925. Nevertheless, break of 0.9200 minor resistance will mix up the outlook again and turn intraday bias neutral first.
In the bigger picture, the corrective structure of the rebound from 0.8925 argues that fall from 0.9471 is not complete 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.
