USD/CHF Daily Analysis
Intraday bias in USD/CHF remains on the downside at this point. The current fall from 1.0146 should target a 61.8% projection of 1.0146 to 0.9355 from 0.9545 at 0.9056. A sustained break there will pave the way to a 100% projection at 0.8754, which is close to 0.8756 long-term support. On the upside, above 0.9199 minor resistance will turn intraday bias neutral first before staging another decline.
In the bigger picture, the rise from 0.8756 (2021 low) has completed at 1.0146, well ahead of 1.0342 long-term resistance (2016 high). Based on current downside momentum, a fall from 1.0146 should be a medium-term downtrend itself. The next target is a test on the 0.8756 low. Strong support should be seen there to bring a rebound. Still, the further decline will now be expected as long as the 0.9407 resistance holds, in any case.
