Daily Pivots: (S1) 0.8616; (P) 0.8659; (R1) 0.8681; More…
Intraday bias in USD/CHF is turned neutral, as it failed to sustain above 55 4H EMA and retreated. Outlook also stays bearish with 0.8818 support turned resistance intact. Break of 0.8553 will resume larger down trend from 1.0146. On the upside, above 0.8599 will resume the rebound towards 0.8818 instead.
In the bigger picture, the break of 0.8756 (2021 low) indicates break out from the long term range pattern. For now, medium term outlook will stay bearish as long as 0.9146 resistance holds. Further fall would be seen to 61.8% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.8317 next.
