Daily Pivots: (S1) 0.9087; (P) 0.9107; (R1) 0.9140;
Sideway consolidations continue in USD/CHF and intraday bias remains neutral. With 0.9197 resistance intact, further decline is still in favor. On the downside, break of 0.9009 will resume larger down trend. However, considering bullish convergence condition in 4 hour MACD, break of 0.9197 should confirm short term bottoming and turn bias back to the upside for rebound to 55 day EMA (now at 9283).
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). Current development suggests that such pattern is still extending. Sustain trading below 100% projection of 1.0342 to 0.9186 from 1.0237 at 0.9081 will pave the way to 138.2% projection at 0.8639. On the upside, break of 0.9376 resistance is needed to be the first sign of medium term bottoming.
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