Daily Pivots: (S1) 0.8843; (P) 0.8862; (R1) 0.8874; More….
USD/CHF’s down trend resumes by breaking 0.8851. Intraday bias is back on the downside. Next near term target is 61.8% projection of 0.9901 to 0.8998 from 0.9304 at 0.8746. On the upside, break of 0.8909 resistance will indicate short term bottoming, turn bias back to the upside for stronger rebound.
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. Next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. In any case, break of 0.9304 resistance is needed to signal medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
