Daily Pivots: (S1) 0.9221; (P) 0.9259; (R1) 0.9329; More….
Intraday bias in USD/CHF remains on the upside for 0.9295 resistance. Firm break there will carry larger bullish implication and target 61.8% retracement of 0.9901 to 0.8756 at 0.9464. On the downside, break of 0.9192 minor support will turn intraday bias neutral again. But further rally is expected as long as 0.9044 resistance turned support holds.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). Firm break of 0.9295 resistance, and sustained trading above 55 week EMA (now at 0.9227), will suggest that the pattern has completed. In this case, further rise could be seen back to 1.0237/0342 resistance zone in the medium term. Though, rejection by 0.9295 will retain medium term bearishness for 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639.
