Daily Pivots: (S1) 0.9548; (P) 0.9600; (R1) 0.9657; More…
USD/CHF’s break of 0.9598 resistance confirm short term bottoming at 0.9468, after defending 0.9471 key support level. Intraday bias is back on the upside. Sustained trading above 55 day EMA (now at 0.9650) will raise the chance that corrective pattern from 1.0063 has completed. Further rally should then be seen to 0.9884 resistance next. This will remain the favored case as long as 0.9468 support holds.
In the bigger picture, medium term up trend from 0.8756 (2021 low) is still in progress. On resumption, next target is 1.0342 (2016 high). Sustained break there will resume long term up trend from 0.7065 (2011 low). This will remain the favored case as long as 0.9471 resistance turned support holds. However, firm break of 0.9471 will raise the chance that such up trend is over. Sustained trading below 55 week EMA (now at 0.9424) could bring deeper medium term fall back to 0.9149 support and below.
