USD/CHF Daily Analysis
Currently, the intraday bias for USD/CHF remains neutral as range trading persists. The corrective pattern from the low of 0.9058 is expanding, and while another increase cannot be excluded, any upside is expected to be limited by the 0.9474 Fibonacci level. On the downside, a solid break of 0.9058 will resume the broader downtrend from 1.1046.
In the bigger picture, the drop from the 2022 high of 1.1046 is likely to still be ongoing with the 38.2% retracement of 1.0146 to 0.9058 at 0.9474 remaining intact. The previous rejection by the 55-week EMA indicated a medium-term bearish signal. A break of 0.9058 will resume this decline towards the 0.8756 support level (the 2021 low). Nonetheless, this decline is still considered a leg in the long-term range pattern from the 2016 high of 1.0342. Therefore, any downside movement should be limited by the 0.8756 level to bring about a reversal.
