Daily Pivots: (S1) 0.9188; (P) 0.9240; (R1) 0.9271; More…
USD/CHF’s decline is still in progress and intraday bias remains on the downside. Current down trend should target 0.9115 medium term projection level next. On the upside, break of 0.9469 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, fall from 1.0342 is developing into a medium term down trend. Deeper decline 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 0.8545. In any case, sustained trading above 55 day EMA is needed to be the first sign of medium term reversal. Otherwise, outlook will stay bearish even in case of strong rebound.
