Daily Pivots: (S1) 0.8585; (P) 0.8621; (R1) 0.8643; More…
USD/CHF is staying in range above 0.8853 and intraday bias remains neutral at this point. Outlook stays bearish with 0.8818 support turned resistance intact. Break of 0.8553 will resume larger down trend from 1.0146, targeting 0.8317 fibonacci level. On the upside, above 0.8599 will resume the rebound towards 0.8818 instead.
In the bigger picture, the break of 0.8756 (2021 low) indicates break out from the long term range pattern. For now, medium term outlook will stay bearish as long as 0.9146 resistance holds. Further fall would be seen to 61.8% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.8317 next.
