Daily Pivots: (S1) 0.8753; (P) 0.8806; (R1) 0.8837; More….
USD/CHF’s retreat from 0.8874 extended lower but stays above 0.8758 support. Intraday bias remains neutral first and further rally remains in favor to continue. On the upside, break of 0.8874 will resume the rise from 0.8551 to 0.9146 cluster resistance next. Nevertheless, break of 0.8758 will turn bias back to the downside for 0.8688 support and below.
In the bigger picture, rebound from 0.8551 medium term bottom is currently seen as a correction to the downtrend from 1.0146 (2022 high). Further rally would be seen to 0.9146 cluster resistance (38.2% retracement of 1.0146 to 0.8551 at 0.9160). Strong resistance could be seen there to limit upside, at least on first attempt. Nevertheless, medium term outlook is neutral at best as long as 0.8551 holds, until further developments.
