Daily Pivots: (S1) 0.9030; (P) 0.9058; (R1) 0.9087; More…
USD/CHF’s fall from 0.9200 accelerated lower today and the firm break of 0.9007 support argue that rise from 0.8374 has completed just ahead of 0.9223 key resistance. Intraday bias is back on the downside. Sustained break of 55 D EMA (now at 0.8959) will target 38.2% retracement of 0.8374 to 0.9200 at 0.8884 next. For now, risk will stay on the downside as long as 0.9200 resistance holds, in case of recovery.
In the bigger picture, as long as 0.9223 resistance holds, price actions from 0.8332 (2023 low) are seen as a medium term corrective pattern. That is, long term down trend is in favor to resume through 0.8332 at a later stage. However, sustained break of 0.9223 will be an important sign of bullish trend reversal.
 will target 38.2% retracement of 0.8374 to 0.9200 at 0.8884 next. For now, risk will stay on the downside as long as 0.9200 resistance holds, in case of recovery.){kind=link}