USD/CHF Analysis
The USD/CHF pair’s intraday bias continues to favor the downside. The current descent from 0.92474 is expected to aim for the 161.8% decline projection from 0.9247 to 0.8886, starting from 0.9115, targeting around 0.8537, which is proximate to the 0.8555 low. However, if the pair surpasses the 0.8786 minor resistance, this would neutralize the bearish intraday bias and lead to initial consolidations. Despite this, the downside risk will persist as long as the 0.8890 level, which now acts as resistance, holds.
Expanding the view, the price movements from the 0.8555 low are interpreted within a corrective pattern following the decline from the 2022 high of 1.0150. The current fall from 0.9247 is considered the second phase in this pattern. While a deeper decline toward the 0.8555 low is possible, substantial support is expected at this level, potentially triggering a rebound. This scenario remains the predominant outlook as long as the 0.8890 resistance level is not breached.
Analysis Summary
The USD/CHF pair is currently biased towards the downside, targeting near the 0.8537 level. This movement is part of a broader corrective pattern following a decline from the 2022 high. The bearish outlook is expected to persist unless the 0.8890 resistance is overcome.
Key Points
- The current USD/CHF trend favors further downside movement.
- Bearish bias to persist as long as 0.8890 resistance holds.
- Part of a broader corrective pattern following 2022’s decline.
