Daily Pivots: (S1) 0.9200; (P) 0.9221; (R1) 0.9239; More….
Intraday bias in USD/CHF remains neutral at this point. Corrective fall from 0.9273 should have completed at 0.9017. Above 0.9241 will target 0.9273 resistance. Firm break there will resume rise from 0.8925 to 100% projection of 0.8925 to 0.9273 from 0.9017 at 0.9365. However, break of 0.9128 will dampen this bullish view and turn bias back to the downside for 0.9017 support.
In the bigger picture, the failure to sustain above 55 week EMA (now at 0.9184) retains medium term bearish in USD/CHF. Break of 0.8925 support should resume the whole decline form 1.0342 (2016 high) through 0.8756 low. However, break of 0.9273 resistance and sustained trading above 55 week EMA will be an early sign of bullish trend reversal. Focus will then turn to 0.9471 resistance for confirmation.
