Daily Pivots: (S1) 0.9001; (P) 0.9036; (R1) 0.9057; More….
USD/CHF’s fall from 0.9223 resumed by breaking 0.9005 and intraday bias is back on the downside. Deeper decline should be seen to 38.2% retracement of 0.8332 to 0.9223 at 0.8883 next. For now, risk will stay on the downside as long as 0.9101 resistance holds, in case of recovery.
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 medium 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.
