USD/CHF Daily Analysis
The intraday bias for the USD/CHF remains neutral for now. If there is a firm break of the 0.9284 support level, it may indicate that the rebound from 0.9058 has completed and turn the bias towards the downside, leading to a retest of the low. However, a strong rebound from the current level followed by a break of 0.9439 will target the 38.2% retracement level of the range from 1.0146 to 0.9058, which stands at 0.9474.
Looking at the bigger picture, the decline from 1.0146 is viewed as part of a long-term sideways pattern. As long as the 38.2% retracement level of the range from 1.0146 to 0.9058 at 0.9474 holds, another fall is expected through the 0.9058 level. However, sustained trading above 0.9474 may indicate that the medium-term trend has reversed and may lead to further rallies towards the 61.8% retracement level at 0.9730 and beyond.
