USD/CHF Analysis
The breach of 0.8665 support in USD/CHF unmistakably affirms the resurgence of the overall decline initiated from 0.9243. The intraday bias pivots decisively to the downside, indicating an imminent extended decline toward the pivotal support level at 0.8551. The near-term outlook remains bearish, contingent on the resistance at 0.8819, and poised for a potential recovery scenario.
The ongoing price movements from 0.8551 are presently construed as integral to a corrective pattern counteracting the descent from 1.0146 (the high of 2022). The descent from 0.9243 is presently identified as the second leg. Although a deeper plunge to the 0.8551 low is conceivable, substantial support is anticipated, potentially instigating a rebound. Alternatively, a breach of the 0.9111 resistance could signify the commencement of the third leg, targeting levels at and beyond 0.9243.
Analysis Summary
USD/CHF’s break of 0.8665 support marks the resurgence of the overall decline from 0.9243, prompting an imminent downturn towards the key support at 0.8551. The bearish near-term outlook prevails, subject to resistance at 0.8819, with potential recovery scenarios in play.
Key Points
- A break of 0.8665 support confirms the resumption of the overall decline.
- The near-term outlook remains bearish, contingent on resistance at 0.8819.
- The broader picture suggests a corrective pattern, with the potential for a rebound from the 0.8551 support.
