Daily Pivots: (S1) 0.8766; (P) 0.8822; (R1) 0.8851; More…
While further decline could be seen in USD/CHF, strong support is expected from 0.8756 to contain downside. On the upside, break of 0.8900 support turned resistance will turn intraday bias back to the upside for rebound. However, decisive break of 0.8756 will carry larger bearish implication.
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). While further decline cannot be ruled out, strong support is expected from 0.8756 long term support to bring reversal. Firm break of 0.9146 resistance should confirm medium term bottoming.
