Daily Pivots: (S1) 0.9329; (P) 0.9378; (R1) 0.9412; More…
Outlook in USD/CHF is unchanged. Intraday bias stays neutral with focus on 0.9325 support. Firm break there will resume larger decline to 0.9287 fibonacci level. On the upside, however, break of 0.9454 resistance will now indicate short term bottoming. Intraday bias will be turned back to the upside for 0.9545 resistance and above.
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 0.9630) holds.
