Daily Pivots: (S1) 0.9403; (P) 0.9459; (R1) 0.9493; More…
Intraday bias in USD/CHF remains on the downside at this point. Current fall from 0.9901 should target 100% projection of 0.9901 to 0.9502 from 0.9736 at 0.9337 next. On the upside, break of 0.9514 minor resistance is needed to indicate short term bottoming. Otherwise, further fall will remain in favor in case of recovery.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). It could have completed at 0.9181 after hitting 0.9186 key support (2018 low). Break of 0.9901 will extend the rebound from 0.9181 through 1.0023 resistance. After all, medium term range trading will likely continue between 0.9181/1.0237 for some more time.
