Daily Pivots: (S1) 0.9295; (P) 0.9360; (R1) 0.9397; More…
Intraday bias in USD/CHF remains on the downside for the moment. Deeper fall could be seen to next key fibonacci level at 0.9115. On the upside, above 0.9448 will turn bias neutral and bring consolidations. But outlook will remain bearish as long as 0.9640 resistance holds.
In the bigger picture, the strong break of 0.9420 support suggests that fall from 1.0342 is developing into a medium term down trend. Deeper fall should be seen to 100% projection of 1.0342 to 0.9420 from 1.0037 at 0.9115. Break will target 161.8% projection at 08545. In any case, break of 0.9640 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish even in case of strong rebound.
