Daily Pivots: (S1) 0.9007; (P) 0.9070; (R1) 0.9104; More…
Intraday bias in USD/CHF remains on the downside for retesting 0.8998 low. Next near term target is 100% projection of 0.9304 to 0.9030 from 0.9207 at 0.8933. On the upside, break of 0.9101 minor resistance will mix up the near term outlook and turn intraday bias neutral again.
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.
