Daily Pivots: (S1) 0.8763; (P) 0.8790; (R1) 0.8806; More….
USD/CHF’s break of 0.8826 suggest that rebound from 0.8551 is resuming, and intraday bias is back on the upside. Sustained trading above 0.8818 support turned resistance will carry larger bullish implication, and target 0.9146 cluster resistance next. On the downside, below 0.8758 support will turn bias back to the downside for 0.8688 support instead.
In the bigger picture, a medium term bottom could be in place at 0.8551 already, on bullish convergence condition in D MACD. Sustained trading above 0.8818 support turned resistance will bring further rise to 0.9146 cluster resistance (38.2% retracement of 1.0146 to 0.8551 at 0.9160), even as a correction. Nevertheless, break of 0.8851 will resume the down trend from 1.0146 instead.
