[m.youssif]

USD/CHF drops to as low as 0.8780 so far today and intraday bias remains on the downside. Current decline should now target 100% projection of 0.9774 to 0.8921 from 0.9339 at 0.8486. On the upside, above 0.8851 minor resistance will turn bias neutral and bring recovery. But break of 0.9006 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.

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 drops to as low as 0.8780 so far today and intraday bias remains on the downside. Current decline should now target 100% projection of 0.9774 to 0.8921 from 0.9339 at 0.8486. On the upside, above 0.8851 minor resistance will turn bias neutral and bring recovery. But break of 0.9006 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.

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.