Daily Pivots: (S1) 0.8871; (P) 0.8893; (R1) 0.8930; More…
USD/CHF’s decline resumed by breaking through 0.8855 temporary low, and intraday bias is back the downside. Current development should confirm that rise from 0.8374 has completed at 0.9200, after rejection by 0.9223 key resistance. Deeper fall should be seen to 61.8% retracement of 0.8374 to 0.9200 at 0.8690 next. On the upside, above 0.8924 minor resistance will turn intraday bias neutral first.
In the bigger picture, rejection by 0.9223 key resistance keep medium term outlook bearish. That is, larger fall from 1.0342 (2017 high) is not completed yet. Firm break of 0.8332 (2023 low) will confirm down trend resumption.
