USD/CHF Daily Analysis
Range trading continues in USD/CHF and intraday bias remains neutral. On the downside, a firm break of 0.9355 will resume the decline from 1.0146 to 0.9287 Fibonacci level. The near-term outlook will remain bearish as long as 0.9680 minor resistance holds, in case of another recovery.
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 the 55-day EMA (now at 0.9726) holds.
