Daily Pivots: (S1) 0.9219; (P) 0.9249; (R1) 0.9264; More….
USD/CHF’s break of 0.9199 support suggests that rebound form 0.9101 has completed at 0.9276. Intraday bias is turned back to the downside for 0.9084/9101 support zone. Firm break there will argue that choppy rise from 0.8925 has completed. On the upside, above 0.9276 will target 0.9372 resistance.
In the bigger picture, the corrective structure of the rebound from 0.8925 argues that fall from 0.9471 is not complete yet. It could either be the second leg of pattern from 0.8756 (2021 low), or resuming larger down trend from 1.0237 (2018 high). We’d pay attention to the downside momentum and assess the odds later. But for now, medium term outlook will be neutral at best as long as 0.9471 resistance holds.
