USD/CHF Daily Analysis
USD/CHF is still bounded in the range above 0.9084 support, and intraday bias remains neutral at this point. 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 for 0.9545 structural resistance.
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 downward trend. The next target is a test on the 0.8756 low. Strong support should be seen there to bring a rebound. Still, further decline will now be expected as long as the 0.9407 resistance holds, in any case.
