Daily Pivots: (S1) 0.8882; (P) 0.8942; (R1) 0.8975; More….
USD/CHF’s fall from 0.9243 continued and finally took out 38.2% retracement of 0.8551 to 0.9243 at 0.8979 decisively. There is no sign of bottoming and intraday bias is now on the downside for 61.8% retracement at 0.8815. Sustained break there will pave the way to retest 0.8551 low. On the upside, above 0.9000 minor resistance will turn bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, the firm break of 55 D EMA (now at 0.8974) argues that rebound from 0.8551 might be completed as a correction at 0.9243. In other words, larger fall from 1.0146 (2022 high) is possibly not over yet. Risk will now stay on the downside as long as 0.9243 resistance holds. Firm break of 0.8551 will confirm down trend resumption.
