USD/CHF Daily Analysis
Intraday bias in USD/CHF remains neutral, and the outlook is unchanged. On the downside, a sustained break of 61.8% projection of 1.0146 to 0.9355 from 0.9545 at 0.9056 will pave the way to a 100% projection at 0.8754, which is close to 0.8756 long-term support. Nevertheless, on the upside, the break of 0.9407 should confirm short-term bottoming and turn bias back to the upside.
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.
