Daily Pivots: (S1) 0.8992; (P) 0.9022; (R1) 0.9066; More….
USD/CHF drops sharply after failing to sustain above 0.9046 resistance. But downside is contained above 0.8929 support. Intraday bias remains neutral and deeper fall is in favor. On the downside, break of 0.8929 will resume the fall from 0.9471 to retest of 0.8756 low. On the upside, firm break of 0.9046 will confirm short term bottoming at 0.8929. Intraday bias will be turned back to the upside, for stronger rebound to 38.2% retracement of 0.9471 to 0.8929 at 0.9136 first.
In the bigger picture, prior rejection by 61.8% retracement of 0.9901 to 0.8756 at 0.9464 argues that rebound from 0.8756 was probably just a corrective move. That is, larger down trend from 1.0237 might be still in progress. Medium term bearish is also affirmed as the pair is now far below falling 55 week EMA. Firm break of 0.8756 low will target 61.8% projection of 1.0237 to 0.8756 from 0.9471 at 0.8556 next.