[m.youssif]

With 4 hours MACD crossed below signal line, intraday bias in USD/CHF is turned neutral. Below 0.9089 minor support will indicate that recovery from 0.8921 is finished and will flip bias back to the downside for a retest on 0.8921 low first. Above 0.9233 will extend the correction from there towards 55 days EMA (now at 0.9355) and above.

In the bigger picture, whole decline from 1.1729 is still in progress and is expected to develop into a five wave impulsive pattern, with fall from 1.0065 as third leg. Sustained trading below 0.9 psychological level will target 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664 first and then 100% projection at 0.7798. On the upside, break of 0.9774 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.

[m.youssif]

With 4 hours MACD crossed below signal line, intraday bias in USD/CHF is turned neutral. Below 0.9089 minor support will indicate that recovery from 0.8921 is finished and will flip bias back to the downside for a retest on 0.8921 low first. Above 0.9233 will extend the correction from there towards 55 days EMA (now at 0.9355) and above.

In the bigger picture, whole decline from 1.1729 is still in progress and is expected to develop into a five wave impulsive pattern, with fall from 1.0065 as third leg. Sustained trading below 0.9 psychological level will target 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664 first and then 100% projection at 0.7798. On the upside, break of 0.9774 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.