Daily Pivots: (S1) 0.8585; (P) 0.8621; (R1) 0.8643; More…
USD/CHF rebounded after dipping to 0.8551 but stays below 0.8699 resistance. Intraday bias remains neutral first. On the upside, above 0.8699 will bring stronger rise towards 0.8818 support turned resistance. on the downside, firm break of 0.8551 will resume larger down trend from 1.0146, targeting 0.8317 fibonacci level.
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.
