Daily Pivots: (S1) 0.9004; (P) 0.9024; (R1) 0.9065; More….

Intraday bias in USD/CHF remains on the upside at this point. Rise from 0.8756 should at least be correcting the whole decline from 0.9901. Further rally would be seen to 38.2% retracement of 0.9901 to 0.8756 at 0.9193. On the downside, below 0.8982 minor support will turn bias neutral and bring some consolidations first, before staging another rally.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. Next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. In any case, break of 0.9295 resistance is needed to signal medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

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