Daily Pivots: (S1) 0.9050; (P) 0.9065; (R1) 0.9087; More…
Intraday bias in USD/CHF remains neutral at this point. Further fall is expected as long as 0.9165 resistance holds. Below 0.9030 will target 0.8998 low first. Break will resume larger down trend for 61.8% projection of 0.9901 to 0.8998 from 0.9304 at 0.8746. However, break of 0.9165 resistance will delay the bearish case. Intraday bias will be turned back to the upside to extend the consolidation from 0.8998 with another rising leg.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. On resumption, next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. Nevertheless, strong break of 0.9304 resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.
