USD/CHF Daily Analysis
The intraday bias in USD/CHF remains neutral for now, with further declines expected as long as the 0.9118 minor resistance holds. On the downside, a break below 0.9005 and sustained trading beneath the 38.2% projection of 1.0146 to 0.9058 from 0.9439 at 0.9023 would prolong the downtrend from 1.0146 to the 61.8% projection at 0.8767. However, a solid break above 0.9118 would signal a short-term bottom, shifting the bias towards the upside for a more robust rebound.
In the broader perspective, the outlook will remain bearish as long as the 0.9439 resistance persists, indicating the ongoing decline from 1.1046 (2022 high). The previous rejection by the 55-week EMA serves as a medium-term bearish indicator. A sustained break below 0.9058 would resume this decline, targeting the 0.8756 support level (2021 low). Nevertheless, this drop is still considered part of the long-term range pattern originating from 1.0342 (2016 high), so the downside should be limited by 0.8756, which may trigger a reversal.
