Daily Pivots: (S1) 0.8951; (P) 0.9029; (R1) 0.9070; More…
Break of 0.9013 support now suggests that USD/CHF’s corrective recovery from 0.8818 has completed at 0.9146. Intraday bias is back on the downside to 0.8818 and possibly below. But strong support is still needed at around 0.8756 long term support to bring another rebound. Nevertheless, for now, risk still stay on the downside as long as 0.9146 resistance holds, in case of recovery.
In the bigger picture, fall from 1.1046 (2022 high) is seen as a leg in the long term range pattern from 1.0342 (2016 high), which might have completed at 0.8818 already, just ahead of 0.8756 long term support. Sustained trading above 0.9058 support turned resistance should confirm medium term bottoming. Further break of 0.9439 resistance will confirm bullish trend reversal.
