Daily Pivots: (S1) 0.8891; (P) 0.8900; (R1) 0.8909; More….

Intraday bias in USD/CHF is turned neutral first. Another fall is in favor with 0.8945 minor resistance intact. Below 0.8889 will target 0.8837 and then 0.8756 low. On the upside, break of 0.8945 will revive near term bullishness and turn bias back to the upside for 0.9044 resistance instead.

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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