Daily Pivots: (S1) 0.8946; (P) 0.8971; (R1) 0.8985; More….

Intraday bias in USD/CHF remains mildly on the upside at this point. Further rise could be seen to 0.9044 first. Corrective pattern from 0.8756 is extending with another rising leg. Break of 0.9044 will target 100% projection of 0.8756 to 0.9044 from 0.8869 at 0.9127 next. For now, risk will be on the upside as long as 0.8869 support holds.

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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