Daily Pivots: (S1) 0.9112; (P) 0.9200; (R1) 0.9249; More…
USD/CHF dropped notably after recovering to 0.9287, but stays above 0.9084 low. Intraday bias remains neutral for the moment. For now, outlook stays mildly bearish despite loss of downside momentum. On the downside, sustained break of 61.8% projection of 1.0146 to 0.9355 from 0.9545 at 0.9056 will pave the way to 100% projection at 0.8754, which is close to 0.8756 long term support. Nevertheless, on the upside, break of 0.9287 should confirm short term bottoming and turn bias back to the upside for 0.9407 resistance.
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.
