Daily Pivots: (S1) 0.9035; (P) 0.9089; (R1) 0.9194; More…
USD/CHF’s strong break of 0.9082 minor resistance suggests short term bottoming at 0.8982, after breaching 0.8998 support. Intraday bias is turned back to the upside for 0.9027 resistance. Decisive break there would be an early sign of bullish reversal and target 0.9304 resistance for confirmation. On the downside, below 0.9054 minor support will turn bias back to the downside for 0.8982 low instead.
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.
