Daily Pivots: (S1) 0.9366; (P) 0.9455; (R1) 0.9517; More…
USD/CHF’s decline is still in progress and intraday bias remains on the downside. Next target is 100% projection of 0.9884 to 0.9468 from 0.9648 at 0.9232. On the upside, above 0.9444 minor resistance will turn intraday bias neutral first. But risk will now stay on the downside as long as 0.9648 resistance holds, in case of recovery.
In the bigger picture, break of 0.9471 support turned resistance argues that medium term up trend from 0.8756 has completed with three waves up to 1.0063. Long term sideway pattern might have started another falling leg. Deeper decline would now be in favor as long as 0.9648 resistance holds, to 0.9149 structural support. Sustained break there could pave the way back to 0.8756.
