USD/CHF Daily Analysis
Currently, the intraday bias for USD/CHF is neutral. Although the downward trend from 1.0146 may continue to decline, strong support is expected to be seen near the 61.8% projection of the move from 1.0146 to 0.9058 starting from 0.9439, which is around 0.8767. This level is also close to the long-term support level of 0.8756, and it should trigger a rebound, at least on the first attempt. If the resistance level of 0.8993 is broken, it will indicate a short-term bottoming, especially on a bullish convergence condition in the 4H MACD, and it will turn the bias back to the upside for a stronger rebound.
In the bigger picture, the fall from the 2022 high of 1.1046 is considered a leg in the long-term range pattern from the 2016 high of 1.0342. Therefore, the downside is likely to be contained by the long-term support level of 0.8756, leading to a reversal. A sustained break of the support-turned-resistance level of 0.9058 would be the first sign of medium-term bottoming. However, a decisive break of 0.8756 would have larger bearish implications.
