Daily Pivots: (S1) 0.9274; (P) 0.9297; (R1) 0.9335; More….
USD/CHF’s rally is still in progress and intraday bias stays on the upside for 61.8% retracement of 0.9901 to 0.8756 at 0.9464. On the downside, break of 0.256 minor support will turn intraday bias neutral for consolidation. But further rally is expected as long as 0.9044 resistance turned support holds.
In the bigger picture, current development argues that fall from 1.0237 has completed at 0.8756, on bullish condition in daily and weekly MACD. Current rally from 0.8756 should target 0.9901 resistance first. Break there will target 1.0237/0342 resistance zone in the medium term. This will now remain the favored case as long as 0.9044 resistance turned support holds.
