Daily Pivots: (S1) 0.9093; (P) 0.9111; (R1) 0.9134; More….

Intraday bias in USD/CHF stays mildly on the downside at this point. Fall from 0.9192 would target a test on 0.8982 low. Firm break there will resume larger down trend. On the upside, break of 0.9207 resistance is needed to be the first sign of bullish reversal. Otherwise, outlook will stay bearish in case of another rebound.

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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. On resumption, next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. Nevertheless, strong break of 0.9304 resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.

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