Daily Pivots: (S1) 0.9317; (P) 0.9378; (R1) 0.9430; More…
Intraday bias in USD/CHF stays on the downside first and outlook is unchanged. Current fall from 1.0146 will target 61.8% projection of 1.0146 to 0.9355 from 0.9545 at 0.9056. On the upside, however, break of 0.9545 will indicate short term bottoming, and turn bias back to the upside for stronger rebound.
In the bigger picture, rise from 0.8756 (2021 low) has completed at 1.0146, well ahead of 1.0342 long term resistance (2016 high). Based on current downside momentum, fall from 1.0146 might be a medium term down trend itself. Break of 61.8% retracement of 0.8756 to 1.0146 at 0.9287 will pave the way to 0.8756. In any case, risk will stay on the downside as long as 55 day EMA (now at 0.9690) holds.
