Daily Pivots: (S1) 0.8886; (P) 0.8899; (R1) 0.8923; More….
USD/CHF’s rebound from 0.8756 resumes by taking out 0.8925 resistance and hits as high as 0.8963 so far. Intraday bias is back on the upside for 0.8998 support turned resistance next. Decisive break there will argue that fall from 0.9901 has completed. Stronger rally would be seen to 38.2% retracement of 0.9901 to 0.8756 at 0.9193. On the downside, break of 0.8873 minor support will turn bias back to the downside for retesting 0.8756 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. Next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. In any case, break of 0.9295 resistance is needed to signal medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
