USD/CHF Daily Analysis
Intraday bias in USD/CHF stays on the downside as a fall from 1.0146 is in progress. The next target is a 61.8% projection of 1.0146 to 0.9355 from 0.9545 at 0.9056. On the upside, however, the break of 0.9545 will indicate short-term bottoming and turn bias back to the upside for a stronger rebound.
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. A break of 61.8% retracement of 0.8756 to 1.0146 at 0.9287 will pave the way to 0.8756. Risk will stay on the downside as long as the 55-day EMA (now at 0.9690) holds.
