Daily Pivots: (S1) 0.9259; (P) 0.9298; (R1) 0.9345; More…
The break of 0.9392 minor resistance suggests short term bottoming in USD/CHF. Intraday bias is turned back to the upside for recovery to 38.2% retracement of 1.0037 to 0.9254 at 0.9553 first. At this point, there is no clear sign of trend reversal yet. We’d be cautious on strong resistance from 0.9553 to limit upside and bring decline resumption. ON the downside, break of 0.9254 will resume larger down trend from 1.0342.
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.
