Daily Pivots: (S1) 0.8665; (P) 0.8701; (R1) 0.8740; More….
Intraday bias in USD/CHF stays mildly on the upside at this point. Rebound from 0.8851 would extend higher towards 0.8818 support turned resistance. Strong resistance could be seen there to complete the recovery and bring down trend resumption. On the downside, firm break of 0.8551 will resume larger down trend from 1.0146, targeting 0.8317 fibonacci level.
In the bigger picture, down trend from 1.0146 is seen as in progress as long as 0.8188 support turned resistance holds. Next target is 61.8% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.8317. However, sustained break of 0.8818 will be the first sign of medium term bottoming, and turn focus back to 0.9146 resistance for confirmation.
