[m.youssif]

USD/CHF rebounds further to as high as 0.8794 in early US session and intraday bias remains on the upside for 38.2% retracement of 0.9399 to 0.8552 at 0.8853. But after all, upside is expected to be limited by 0.8895 support turned resistance and bring fall resumption. On the downside, below 0.8676 minor support will flip bias back to the downside for retesting 0.8552 support first. Further break there will confirm down trend resumption for 100% projection of 0.9774 to 0.8921 from 0.9339 at 0.8486 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. 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664 is already broken and USD/CHF should now target 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 rebounds further to as high as 0.8794 in early US session and intraday bias remains on the upside for 38.2% retracement of 0.9399 to 0.8552 at 0.8853. But after all, upside is expected to be limited by 0.8895 support turned resistance and bring fall resumption. On the downside, below 0.8676 minor support will flip bias back to the downside for retesting 0.8552 support first. Further break there will confirm down trend resumption for 100% projection of 0.9774 to 0.8921 from 0.9339 at 0.8486 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. 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664 is already broken and USD/CHF should now target 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.