USD/CHF Daily Analysis
The intraday bias for USD/CHF remains neutral, and the outlook remains the same. The corrective pattern from the low of 0.9058 is likely still in progress, with the rise from 0.9070 being the third leg. If the price moves above 0.9339, it will target the resistance level of 0.9439, and possibly even higher. However, the overall outlook will remain bearish as long as the 0.9474 Fibonacci level holds, and another decline through 0.9058 is expected at a later stage.
Looking at the bigger picture, the fall from the 2022 high of 1.1046 is still in progress, with the 38.2% retracement level of 1.0146 to 0.9058 at 0.9474 remaining intact. The rejection by the 55-week EMA was a medium-term bearish sign. If the price breaks below 0.9058, it will resume the decline towards the support level of 0.8756, which was the 2021 low. However, the overall fall is still within the long-term range pattern from the 2016 high of 1.0342. Therefore, the downside should be contained by 0.8756 to bring about a reversal.
