USD/CHF Daily Analysis
The USD/CHF intraday bias is currently neutral, and the outlook remains unchanged. It is expected that the corrective pattern from the 0.9058 low is still in progress, with a rise from 0.9070 as the third leg. If it goes above 0.9339, the resistance level of 0.9439 could be targeted, or possibly even higher. However, the overall outlook will remain bearish as long as the 0.9474 fibonacci level holds. Another decline through 0.9058 is expected at a later stage.
Looking at the bigger picture, the fall from 1.1046 (2022 high) is expected to still be in progress, with the 38.2% retracement 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 0.9058 level is broken, the decline will resume towards the 0.8756 support (2021 low). However, the fall is still considered a leg in the long-term range pattern from 1.0342 (2016 high). Therefore, the downside should be contained by 0.8756 to bring about a reversal.
