Daily Pivots: (S1) 0.9489; (P) 0.9541; (R1) 0.9572; More…
Intraday bias in USD/CHF remains neutral for the moment. Near term outlook stays bearish with 0.9680 minor resistance intact. On the downside, break of 0.9474 minor support will bring retest of 0.9355 low first. Break there will resume the fall from 1.0146 to 0.9287 fibonacci level.
In the bigger picture, rise from 0.8756 (2021 low) has completed at 1.0146, well ahead of 1.0342 long term resistance (2016 high). Based on current downside momentum, fall from 1.0146 might be a medium term down trend itself. Break of 61.8% retracement of 0.8756 to 1.0146 at 0.9287 will pave the way to 0.8756. In any case, risk will stay on the downside as long as 55 day EMA (now at 0.9767) holds.
