Daily Pivots: (S1) 0.9023; (P) 0.9054; (R1) 0.9089; More….
Break of 0.9005 support support argues that USD/CHF’s rebound from 0.8886 has completed at 0.9111 already. Intraday bias is back on the downside for retesting 0.8886. Firm break there will resume whole fall from 0.9243 to 0.8815 fibonacci level. For now, risk will be on the downside as long as 0.9111 resistance holds, in case of recovery.
In the bigger picture, outlook is mixed up by the deeper than expected pull back from 0.9243. Yet there was no follow through selling after hitting 0.8886. On the upside, break of 0.9243 resistance will revive the case of medium term bottoming at 0.8851, and turn outlook bullish. However, sustained break of 61.8% retracement of 0.8551 to 0.9243 at 0.8815 will argue that larger decline from 1.0146 is ready to resume through 0.8551 low.
