Daily Pivots: (S1) 0.9213; (P) 0.9238; (R1) 0.9272; More…
USD/CHF is losing some downside momentum as seen in 4 hour MACD. But further decline is expected as long as 0.9341 resistance holds. Current fall from 1.0146 should target 61.8% projection of 1.0146 to 0.9355 from 0.9545 at 0.9056. However, break of 0.9341 will indicate short term bottoming and turn bias back to the upside for rebound.
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. Sustained 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 0.9545 resistance holds.
