Daily Pivots: (S1) 0.9104; (P) 0.9134; (R1) 0.9173; More…
USD/CHF’s break of 0.9219 resistance argues that fall from 0.9439 has completed at 0.9070, head of 0.9058 low. Intraday bias is back on the upside as corrective pattern from 0.9058 is now in another rising leg. Further rally should be seen to 55 day EMA (now at 0.9304) and above). But overall, outlook will stay bearish as long as 0.9474 fibonacci level holds, and another decline through 0.9058 is expected at a later stage.
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.
