Daily Pivots: (S1) 0.9232; (P) 0.9287; (R1) 0.9317; More…
USD/CHF’s break of 0.9288 indicates recent decline has resumed. Intraday bias is back on the downside. Current fall from 1.0037 should now extend to next key fibonacci level at 0.9115. On the upside, break of 0.9392 minor resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, the strong break of 0.9420 support suggests that fall from 1.0342 is developing into a medium term down trend. Deeper fall should be seen to 100% projection of 1.0342 to 0.9420 from 1.0037 at 0.9115. Break will target 161.8% projection at 08545. In any case, break of 0.9640 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish even in case of strong rebound.
