USD/CHF Daily Analysis
Currently, the intraday bias for USD/CHF remains neutral, and the outlook remains unchanged. If the resistance level at 0.9001 is decisively broken, this will confirm a short-term bottoming at 0.8850, and the intraday bias will shift to the upside towards the 55-day exponential moving average (now at 0.9120). If there is a sustained break above this level, it will be a strong indication of a bullish reversal. On the downside, if 0.8850 is broken, it will resume the larger fall from 1.0146 to the 61.8% projection of 1.0146 to 0.9058 from 0.9439 at 0.8767, which is close to the long-term support level of 0.8756. It is expected that strong support will be seen at this level to bring a rebound, at least on the first attempt.
In the bigger picture, the fall from the 2022 high of 1.1046 is currently in progress towards the support level of 0.8756, which was the 2021 low. However, this fall is still seen as a leg in the long-term range pattern from the 2016 high of 1.0342. Therefore, the downside should be limited to 0.8756 to bring about a reversal. The first sign of medium-term bottoming will be a sustained break of the resistance-turned-support level of 0.9058. However, a decisive break of the support level at 0.8756 will carry larger bearish implications.
