Daily Pivots: (S1) 0.9393; (P) 0.9486; (R1) 0.9547; More…
USD/CHF’s decline continues today and breaks 0.9420 key support. There is no clear sign of bottoming yet. Intraday bias remains on the downside. Sustained trading below 0.9420 will carry larger bearish implication and pave the way to next key fibonacci level at 0.9115. On the upside, above 0.9535 minor résistance will turn bias back to the upside for rebound.
In the bigger picture, range trading continues between 0.9420/1.0342. At this point, 0.9420 appears to be a strong support level. Therefore,we don’t expect a firm break of this level. However, firm break of 0.9420 will confirm that fall from 1.0342 is developing into a long term down trend. And in that case, next downside target will be 100% projection of 1.0342 to 0.9420 from 1.0037 at 0.9115.
