Daily Pivots: (S1) 0.9024; (P) 0.9052; (R1) 0.9077; More….

USD/CHF is staying in consolidation from 0.9093 and intraday bias remains neutral first. On the upside, break of 0.9093 will resume the rise from 0.9756 to 100% projection of 0.8756 to 0.9044 from 0.8869 at 0.9127 next. However, break of 0.8869 will argue that the corrective rise from 0.8756 has completed, and turn outlook bearish again.

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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