Daily Pivots: (S1) 0.9223; (P) 0.9248; (R1) 0.9281; More…
USD/CHF’s break of 0.9289 resistance confirms short term bottoming at 0.9058. Intraday bias is back on the upside. Further rise would be seen to 0.9407 resistance, or possibly further to 38.2% retracement of 1.0146 to 0.9058 at 0.9474. For now, further rise will remain mildly in favor as long as 0.9135 support holds, in case of retreat.
In the bigger picture, decline from 1.0146 is seen as part of a long term sideway pattern. As long as 38.2% retracement of 1.0146 to 0.9058 at 0.9474 holds, another fall is in favor through 0.9058. However, sustained trading above 0.9474 will indicate that the medium term trend has reversed, and open up further rally to 1.0146 again.
