USD/CHF Analysis
The intraday bias for USD/CHF persists in a neutral stance amid ongoing range trading. The potential for another descent looms, contingent on the sustenance of the 0.8773 minor resistance. A breach below 0.8669 would reignite the decline from 0.9247, targeting the 161.8% projection of 0.9247 to 0.8890 from 0.9115 at 0.8537, proximate to the 0.8555 low. However, a breakthrough of the 0.8773 minor resistance would suggest a short-term bottoming, realigning the bias for a robust recovery toward the 0.8890 support-turned-resistance.
Expanding the viewpoint, the price movements post-0.8555 are construed as integral to a corrective pattern within the descent from the 2022 high of 1.0146. The fall from 0.9247 is tentatively identified as the second leg. While a deeper decline toward the 0.8555 low is plausible, substantial support is anticipated at that level, prompting a rebound. This scenario remains favored, contingent upon the resilience of the 0.8890 support turned resistance.
Analysis Summary
Intraday bias for USD/CHF hovers in a neutral zone, maintaining a range trading status. Anticipation of another descent persists, conditional on the 0.8773 minor resistance holding. A breach below 0.8669 would revive the decline towards 0.8555. Conversely, surpassing 0.8773 suggests short-term stabilization, steering the bias for a robust recovery to the 0.8890 support-turned-resistance.
Key Points
- Intraday bias remains neutral; range trading prevails for USD/CHF.
- Potential for another descent contingent on 0.8773 minor resistance.
- A breakthrough of 0.8773 indicates short-term bottoming, shifting bias for a recovery to 0.8890.
