Daily Pivots: (S1) 0.9079; (P) 0.9126; (R1) 0.9155; More….
USD/CHF’s sharp fall and strong break of 0.9087 support confirms short term topping at 0.9223, after first rejection from 0.9243 key resistance. Intraday bias is back on the downside, and deeper fall would be seen to 38.2% retracement of 0.8332 to 0.9223 at 0.8883. On the upside, above 0.9087 will now turn intraday bias again first.
In the bigger picture, price actions from 0.8332 medium term bottom are tentatively seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Rejection by 0.9243 resistance, followed by sustained break of 38.2% retracement of 0.8332 to 0.9223 at 0.8883 will strengthen this case, and maintain near term bearishness. However, decisive break of 0.9243 will argue that the trend has already reversed and turn medium term outlook bullish for 1.0146.
