Daily Pivots: (S1) 0.8936; (P) 0.8968; (R1) 0.8984; More…
No change in USD/CHF’s outlook as consolidation from 0.8900 is extending. Intraday bias stays neutral and further decline is expected. On the downside, break of 0.8900 will resume the fall from 0.9146 to 0.8818 low or below. On the upside, above 0.9015 will bring stronger rise towards 0.9146 resistance instead.
In the bigger picture, fall from 1.1046 (2022 high) is seen as a leg in the long term range pattern from 1.0342 (2016 high). While further decline cannot be ruled out, strong support is expected from 0.8756 long term support to bring reversal. Firm break of 0.9146 resistance should confirm medium term bottoming.
