Daily Pivots: (S1) 0.8851; (P) 0.8916; (R1) 0.8960; More…
Intraday bias in USD/CHF remains on the downside, and focus stays on 38.2% retracement of 0.8374 to 0.9200 at 0.8884. Strong rebound from current level, followed by break of 0.9035 resistance, will retain near term bullishness, and bring retest of 0.9200/23 resistance zone. However, firm break of 0.8444 will confirm rejection by 0.9223 resistance and turn near term outlook bearish for 61.8% retracement at 0.8690.
In the bigger picture, decisive break of 0.9223 resistance will argue that whole down trend from 1.0342 (2017 high) has completed with three waves down to 0.8332 (2023 low). Outlook will be turned bullish for 1.0146 resistance next. Nevertheless, rejection by 0.9223 will retain medium term bearishness for another decline through 0.8332 at a later stage.
