Daily Pivots: (S1) 0.9388; (P) 0.9439; (R1) 0.9468; More…
USD/CHF’s fall from 0.9490 continues but it’s staying above 0.9321 minor support. Intraday bias remains neutral first. Rejection from 0.9469 resistance retained near term bearishness. Below 0.9321 will target a test on 0.9186 low. Break will resume larger down trend to 0.9115 medium term projection level next. On the upside, break of 0.9490 should indicate near term trend reversal, on bullish convergence condition in 4 hour MACD.
In the bigger picture, fall from 1.0342 is seen as 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.
