[m.youssif]

USD/CHF dips sharply today but is still supported above 0.9139 minor support. Recovery from 0.8921 could still extend higher to 55 days EMA (now at 0.9337) and above. Nevertheless, break of 0.9139 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.

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]

USD/CHF dips sharply today but is still supported above 0.9139 minor support. Recovery from 0.8921 could still extend higher to 55 days EMA (now at 0.9337) and above. Nevertheless, break of 0.9139 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.

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.