Daily Pivots: (S1) 0.9029; (P) 0.9053; (R1) 0.9090; More…
Intraday bias in USD/CHF remains on the downside for the moment. Sustained trading below 38.2% projection of 1.0146 to 0.9058 from 0.9439 at 0.9023 will extend the down trend from 1.0146 to 61.8% projection at 0.8767. On the upside, above 0.9099 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, outlook will stay bearish as long as 0.9439 resistance holds, and fall from 1.1046 (2022 high) is still in progress. Prior rejection by 55 week EMA was a medium term bearish sign. Sustained of 0.9058 will resume such decline towards 0.8756 support (2021 low). But overall, this 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.
