USD/CHF Daily Analysis
Intraday bias in USD/CHF is turned neutral first as it lost downside momentum ahead of 0.9355 support. On the downside, a firm break of 0.9355 will resume the decline from 1.0146 to 0.9287 Fibonacci level. Near-term outlook stays bearish with 0.9680 minor resistance intact, in case of another recovery.
In the bigger picture, the rise from 0.8756 (2021 low) has completed at 1.0146, well ahead of 1.0342 long-term resistance (2016 high). Based on current downside momentum, a fall from 1.0146 might be a medium-term downtrend itself. A break of 61.8% retracement of 0.8756 to 1.0146 at 0.9287 will pave the way to 0.8756. In any case, risk will stay on the downside as long as the 55-day EMA (now at 0.9767) holds.
