Daily Pivots: (S1) 0.9129; (P) 0.9156; (R1) 0.9192; More…
Intraday bias in USD/CHF is turned neutral again with breach of 0.9205 minor resistance. Overall outlook is unchanged that consolidation pattern from 0.9058 could extend further. But outlook remains bearish as long as 0.9474 fibonacci level holds. Break of 0.9058 to resume the larger down trend from 1.1046 is expected at a later stage.
In the bigger picture, fall from 1.1046 (2022 high) should still be in progress with 38.2% retracement of 1.0146 to 0.9058 at 0.9474 intact. Prior rejection by 55 week EMA was 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.
