Daily Pivots: (S1) 0.9995; (P) 1.0032; (R1) 1.0069; More…
USD/CHF’s break of 1.0072 resistance confirms up trend resumption. Intraday bias is back on the upside. Current up trend should target 1.0283 projection level. On the downside, below 0.9993 minor support will turn intraday bias neutral first. But near term outlook will stay bullish as long as 0.9799 support holds.
In the bigger picture, current development suggests that up trend from 0.8756 (2021 low) is still in progress. Sustained break of 1.0063 will target 100% projection of 0.9149 to 1.0063 from 0.9369 at 1.0283, and then 1.0342 (2016 high). For now, this will remain the favored case as long as 0.9369 support holds, even in case of deep pull back.
