Daily Pivots: (S1) 0.9070; (P) 0.9111; (R1) 0.9133; More…
USD/CHF’s fall accelerates to as low as 0.9056 so far. Long term projection level of 0.9081 is already met but there is no sign of bottoming yet. Intraday bias remains on the downside. Next near term target will be 161.8% projection of 0.9736 to 0.9376 from 0.9467 at 0.8885. On the upside, above 0.9151 minor resistance will turn intraday bias neutral and bring consolidation first, before staging another decline.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). Current development suggests that such pattern is still extending. Sustain trading below 100% projection of 1.0342 to 0.9186 from 1.0237 at 0.9081 will pave the way to 138.2% projection at 0.8639. On the upside, break of 0.9362 resistance is needed to be the first sign of medium term bottoming.
