[m.youssif]

USD/CHF's consolidation from 0.8670 is still in progress and intraday bias remains neutral. Even in case of another recovery, upside should be limited by 0.8895 support turned resistance and bring fall resumption. Break of 0.8670 will target 100% projection of 0.9774 to 0.8921 from 0.9339 at 0.8486.

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 should now pave the way to 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's consolidation from 0.8670 is still in progress and intraday bias remains neutral. Even in case of another recovery, upside should be limited by 0.8895 support turned resistance and bring fall resumption. Break of 0.8670 will target 100% projection of 0.9774 to 0.8921 from 0.9339 at 0.8486.

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 should now pave the way to 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.