USD/CHF Daily Analysis
Range trading continues in USD/CHF, and the outlook is unchanged. Intraday bias stays on the downside, and further decline is in favor with 0.9378 resistance intact. On the downside, the break of 0.9214 will resume the fall and target a 61.8% projection of 1.0146 to 0.9355 from 0.9545 at 0.9056. However, the break of 0.9378 resistance will indicate short-term bottoming and turn bias back to the upside for 0.9545 resistance instead.
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 down trend itself. A sustained 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 the 0.9545 resistance holds.
