USD/CHF Daily Analysis
At present, the intraday bias for USD/CHF is pointing upwards. The upward move from the short-term bottom of 0.9058 is expected to target the resistance level of 0.9407, or possibly go further up to the 38.2% retracement level of the drop from 1.0146 to 0.9058, which is at 0.9474. On the downside, if the price drops below the minor support level of 0.9262, the intraday bias will become neutral initially.
In the bigger picture, the drop from 1.0146 is regarded as a part of a long-term sideways pattern. As long as the 38.2% retracement level of the drop from 1.0146 to 0.9058, which is at 0.9474, holds, another decline is expected towards 0.9058. However, sustained trading above 0.9474 will indicate that the medium-term trend has reversed, and open up further upward rally towards 1.0146 again.
