USD/CHF Daily Analysis
The USD/CHF is still experiencing a decline, and the intraday bias remains tilted towards the downside. The ongoing downtrend from 1.0146 is expected to reach the 61.8% projection level of 1.0146 to 0.9058 from 0.9439, which is located at 0.8767 and close to the long-term support level of 0.8756. It is anticipated that a strong support level will be established at this point, leading to a rebound, at least on the first attempt. On the upside, if the price manages to break through the minor resistance level of 0.0973, the intraday bias will become neutral.
Looking at the bigger picture, the fall from 1.1046 (2022 high) is in progress towards the 0.8756 support level (2021 low). However, this decline is still within the long-term range pattern from 1.0342 (2016 high). Therefore, the downside should be contained by 0.8756 to facilitate a reversal. A sustained break of the 0.9058 support level that turns into resistance would be the first indication of a medium-term bottoming. Nevertheless, a decisive break of the 0.8756 support level would carry larger bearish implications.
