Daily Pivots: (S1) 0.9286; (P) 0.9330; (R1) 0.9353; More…
Intraday bias remains on the downside for USD/CHF. As noted before, corrective rebound from 0.9058 could have completed ahead of 38.2% retracement of 1.0146 to 0.9058 at 0.9474. Sustained break of 0.9289 resistance turned support will pave the way to retest 0.9058 low. On the upside, above 0.9358 minor resistance will turn intraday bias neutral and bring consolidations first, before another decline.
In the bigger picture, decline from 1.0146 is seen as part of a long term sideway pattern. As long as 38.2% retracement of 1.0146 to 0.9058 at 0.9474 holds, another fall is in favor through 0.9058. However, sustained trading above 0.9474 will indicate that the medium term trend has reversed, and open up further rally to 61.8% retracement at 0.9730 and above.
