Daily Pivots: (S1) 0.9822; (P) 0.9874; (R1) 0.9912; More…
USD/CHF’s break of 0.9840 support suggests that a double top pattern was completed. (1.0146, 1.0146). The break of 55 day EMA is also a near term bearish sign. Intraday bias is back on the downside for 61.8% retracement of 0.9369 to 1.0146 at 0.9666. On the upside, above 0.9925 minor resistance will turn intraday bias neutral first.
In the bigger picture, upside momentum is diminishing as seen in daily MACD. But up trend from 0.8756 (2021 low) is still in favor to resume as long as 0.9799 support holds. Break of 1.0146 will target 1.0342 (2016 high). However, sustained break of 0.9779 will suggest that a large scale correction, at least, is underway.
