Daily Pivots: (S1) 0.9104; (P) 0.9134; (R1) 0.9173; More…
Intraday bias in USD/CHF is turned neutral first with current recovery. Outlook is unchanged that fall from 0.9439 is probably resuming larger decline from 1.1046. Decisive break of 0.9070 will confirm this bearish case and target 61.8% projection of 1.0146 to 0.9058 from 0.9439 at 0.8767. However, break of 0.9219 resistance will turn bias back to the upside, and extend the corrective pattern from 0.9058 with another rising leg.
In the bigger picture, fall from 1.1046 (2022 high) is should still be in progress with 38.2% retracement of 1.0146 to 0.9058 at 0.9474 intact. Rejection by 55 week EMA is also a medium term bearish sign. Break of 0.9058 will resume such decline towards 0.8756 support (2021 low). But overall, such fall is still as a leg in the long term range pattern from 1.0342 (2016 high). So, downside should be contained by 0.8756 to bring reversal. For now, this will remain the favored case as long as 0.9439 resistance holds.
