[m.youssif]

USD/CHF should have made a temporary low at 0.8895 and stronger recovery could be seen to 4 hours 55 EMA (now at 0.9017) and above. But upside should be limited by near term falling trend line (now at 0.9198) and bring down trend resumption. Below 0.8895 will target 61.8% projection of 0.9774 to 0.8921 from 0.9339 at 0.8812 next.

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 0.9339 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.

[m.youssif]

USD/CHF should have made a temporary low at 0.8895 and stronger recovery could be seen to 4 hours 55 EMA (now at 0.9017) and above. But upside should be limited by near term falling trend line (now at 0.9198) and bring down trend resumption. Below 0.8895 will target 61.8% projection of 0.9774 to 0.8921 from 0.9339 at 0.8812 next.

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 0.9339 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.