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

A temporary top is in place at 0.9044 in USD/CHF and intraday bias is turned neutral first. Downside of retreat should be contained above 0.8925 resistance turned support to bring another rise. Rebound from 0.8756 should be correcting whole decline from 0.9901. Above 0.9044 will target 38.2% retracement of 0.9901 to 0.8756 at 0.9193.

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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