Daily Pivots: (S1) 0.8552; (P) 0.8580; (R1) 0.8604; More…
No change in USD/CHF’s outlook. While further decline cannot be ruled out, based on loss of downside momentum as seen in 4H MACD, some support could be seen from 100% projection of 0.9439 to 0.8818 from 0.9146 at 0.8525 to bring rebound. Break of 0.8629 minor resistance will turn bias to the downside for 55 4H EMA (now at 0.8695) and above.
In the bigger picture, the break of 0.8756 (2021 low) indicates break out from the long term range pattern. For now, medium term outlook will stay bearish as long as 0.9146 resistance holds. Further fall would be seen to 61.8% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.8317 next.
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