USD/CHF Daily Analysis
The recent breach of the 0.9058 support level in USD/CHF suggests that the downtrend from 1.0146 is now resuming, resulting in a shift of the intraday bias back to the downside. A sustained break of the 38.2% projection level (calculated from the range of 1.0146 to 0.9058) at 0.9023 would open the door to the 61.8% projection level at 0.8767. However, if the minor resistance level of 0.9141 is surpassed, the bearish scenario would be delayed and the intraday bias would become neutral again.
In the bigger picture, the outlook for USD/CHF remains bearish as long as the resistance level of 0.9439 holds, and the decline from the 2022 high of 1.1046 is ongoing. The previous rejection by the 55-week EMA was a medium-term bearish signal. A sustained break of the 0.9058 support level would resume the decline towards the support level of 0.8756 (2021 low). However, the overall fall is still considered a leg in the long-term range pattern from the 2016 high of 1.0342. Therefore, the downside should be limited by the 0.8756 support level, leading to a reversal.
