Daily Pivots: (S1) 0.9086; (P) 0.9119; (R1) 0.9148; More....
USD/CHF's strong recovery and break of 0.9151 minor resistances indicates that a temporary low is in place at 0.9089. Intraday bias is turned neutral for some consolidations. But near term outlook will stay bearish as long as 0.9262 resistance hold. Another decline is still in favor and below 0.9089 will target 0.9065 and then 0.8567 key support level. However, break of 0.9262 will indicate that fall form 0.9594 is likely completed with bullish convergence condition in 4 hours MACD and bring stronger rebound to 61.8% retracement of 0.9594 to 0.9089 at 0.9401 and above.
In the bigger picture,we're treating rebound from 0.7065 medium term bottom as part of a consolidation pattern only. Below 0.8567 support will indicate such rebound is finished and bring retest of 0.7065 low. Above 0.9594 will bring another rise. But after all, strong resistance is expected at next cluster level at 0.9916 (61.8% retracement of 1.1730 to 0.7065 at 0.9948, 61.8% projection of 0.7065 to 0.9315 from 0.8567 at 0.9958) to limit upside and bring reversal. The long term down trend is expected to resume later after consolidation from 0.7065 completes.
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