Daily Pivots: (S1) 0.8855; (P) 0.8913; (R1) 0.8949; More…
USD/CHF’s fall continues today and intraday bias stays on the downside. Current decline from 0.9146 should target 0.8818 and below, to resume whole down trend from 1.0146. Strong support is expected from 0.8756 to contain downside and bring rebound. On the upside, above 0.8916 minor resistance will turn intraday bias neutral first. Yet, break of 0.9015 resistance is needed to confirm short term bottoming. Otherwise, outlook will stay bearish.
In the bigger picture, fall from 1.1046 (2022 high) is seen as a leg in the long term range pattern from 1.0342 (2016 high). While further decline cannot be ruled out, strong support is expected from 0.8756 long term support to bring reversal. Firm break of 0.9146 resistance should confirm medium term bottoming.
