Daily Pivots: (S1) 0.9179; (P) 0.9202; (R1) 0.9235; More….
USD/CHF’s break of 0.9200 resistance suggests that fall from 0.9372 has completed with three waves down to 0.9101. Intraday bias is back on the upside for 0.9293 resistance first. Break will likely resume the choppy rise from 0.8925 through 0.9372 resistance. On the downside, break of 0.9101 will resume the fall from 0.9372 instead.
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.
