USD/CHF Analysis
The intraday bias for USD/CHF maintains a downward trajectory at present. The ongoing descent from 0.9243 is anticipated to aim for crucial support at 0.8551. An alteration in this perspective would require surpassing the minor resistance at 0.8710, which would temporarily neutralize the intraday bias. However, the overall bearish outlook persists as long as the 0.8819 resistance remains unbreached.
Analysis Summary
The price actions following the 0.8551 mark are currently interpreted as a corrective pattern within the larger context of the decline from the 2022 high of 1.0146. The fall from 0.9243 is regarded as the second leg of this correction. Substantial support is anticipated around 0.8551 to initiate a rebound. Conversely, a breakthrough of the 0.9111 resistance would signify the commencement of the third leg, with a target set at 0.9243.
Key Points
- Intraday bias for USD/CHF maintains a downward trajectory, targeting the key support at 0.8551.
- The ongoing decline from 0.9243 constitutes the second leg of a corrective pattern from the 2022 high.
- A breach of the 0.9111 resistance would signal the initiation of the third leg, targeting 0.9243.
