Daily Pivots: (S1) 0.8867; (P) 0.8919; (R1) 0.8954; More….
Immediate focus is now on 0.8883 fibonacci level as USD/CHF’s fall from 0.9223 extended. Sustained break there will carry larger bearish implications. Nevertheless, strong rebound from current level, followed by break of 0.8987 support turned resistance, will suggest that correction from 0.9223 has completed, and retain near term bullishness.
In the bigger picture, price actions from 0.8332 medium term bottom are tentatively seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Rejection by 0.9243 resistance, followed by sustained break of 38.2% retracement of 0.8332 to 0.9223 at 0.8883 will strengthen this case, and maintain medium term bearishness. However, decisive break of 0.9243 will argue that the trend has already reversed and turn medium term outlook bullish for 1.0146.
