Daily Pivots: (S1) 0.9228; (P) 0.9319; (R1) 0.9368; More…
USD/CHF’s down trend resumed by breaking through 0.9199 support. Intraday bias is back on the downside. Next target is 100% projection of 0.9545 to 0.9199 from 0.9407 at 0.9061. On the upside, break of 0.9407 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
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 should be a medium term down trend itself. Next target is a test on 0.8756 low. Strong support should be seen there to bring rebound. Still, further decline will now be expected as long as 0.9407 resistance holds, in any case.
