USD/CHF Daily Analysis
The intraday bias in USD/CHF has turned neutral with the current recovery. The outlook remains unchanged that the fall from 0.9439 is likely resuming the larger decline from 1.1046. A decisive break of 0.9070 will confirm this bearish case and target the 61.8% projection of 1.0146 to 0.9058 from 0.9439 at 0.8767. However, a break of the 0.9219 resistance will turn the bias back to the upside and extend the corrective pattern from 0.9058 with another rising leg.
In the bigger picture, the fall from the 2022 high of 1.1046 is still in progress with the 38.2% retracement of 1.0146 to 0.9058 at 0.9474 intact. Rejection by the 55-week EMA is also a medium-term bearish sign. A break of 0.9058 will resume such a decline towards the 0.8756 support (2021 low). However, overall, such a fall is still a leg in the long-term range pattern from the 2016 high of 1.0342. So, the downside should be contained by 0.8756 to bring reversal. For now, this will remain the favored case as long as the 0.9439 resistance holds.
