Daily Pivots: (S1) 0.9219; (P) 0.9276; (R1) 0.9320;
Intraday bias in USD/CHF remains on the downside with 0.9351 minor resistance intact. Current decline should now be target 100% projection of 1.0065 to 0.9300 from 0.9774 at 0.9009, which coincides with major medium term target. On the upside, above 0.9351 minor resistance will turn bias neutral and bring recovery. But upside should be limited by 4 hours 55 EMA and bring another fall.
In the bigger picture, the break of 0.9300 support confirms resumption of the long term decline from 2010 high of 1.1729. Next target will be 61.8% projection of 1.8305 to 1.1288 from 1.3283 at 0.8946, which is close to 0.9 psychological level. On the upside, break of 0.9774 resistance is needed to be the first signal of medium term bottoming. Otherwise, outlook will stay bearish even in case of strong rebound.
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