Daily Pivots: (S1) 0.9259; (P) 0.9298; (R1) 0.9345; More…
No change in USD/CHF’s outlook despite breaching 0.9392 minor resistance. Intraday bias stays neutral first. On the downside, break of 0.9254 will extend recent fall from 1.0037 to next fibonacci projection level at 0.9115. On the upside, break of 0.9392 minor resistance, however, will indicate short term bottoming on bullish convergence condition in 4 hour MACD. That will bring stronger rebound back to 0.9420 support turned resistance and above.
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 0.8545. 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.
