USD/CHF Daily Analysis
Intraday bias in USD/CHF remains neutral as consolidation from 0.9355 is extending. Further decline is expected as long as the 0.9680 resistance holds. A break of 0.9355 will resume the fall from 1.0146 to 0.9287 Fibonacci level. Nevertheless, a firm break of 0.9680 will bring a stronger rebound to 55 days EMA (now at 0.9767).
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 might be a medium-term downtrend itself. A break of 61.8% retracement of 0.8756 to 1.0146 at 0.9287 will pave the way to 0.8756. In any case, risk will stay on the downside as long as 55-day EMA (now at 0.9767) holds.
