Daily Pivots: (S1) 0.8758; (P) 0.8806; (R1) 0.8832; More…
USD/CHF’ fall from 0.8956 resumed and the break of 0.8800 support suggests that deeper decline is underway. Intraday bias is back on the downside for 55 D EMA (now at 0.8738). Strong support could be seen there to bring rebound. Break of 0.8888 will bring retest of 0.8956 first. Nevertheless, sustained break of 55 D EMA will indicate near term bearish reversal.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern. Rise from 0.8374 is seen as the third leg. Overall outlook will continue to stay bearish as long as 0.9223 resistance holds. Break of 0.8332 low is in favor at a later stage when the consolidation completes.
. Strong support could be seen there to bring rebound. Break of 0.8888 will bring retest of 0.8956 first. Nevertheless, sustained break of 55 D EMA will indicate near term bearish reversal.){kind=link}