Daily Pivots: (S1) 0.8757; (P) 0.8793; (R1) 0.8813; More….
USD/CHF is staying in range below 0.8891 and outlook is unchanged. Intraday bias stays neutral and further rally remains in favor. On the upside, break of 0.8891 will resume the whole rebound from 0.8332 towards 0.9243 key resistance. Nevertheless, break of 0.8741 support will turn bias back to the downside for deeper pullback.
In the bigger picture, a medium term bottom should be formed at 0.8332, on bullish convergence condition in W MACD, just ahead of 0.8317 long term fibonacci support. It’s still early to decide if the larger down trend from 1.0146 (2022 high) is reversing. But further rise should be seen to 0.9243 resistance even as a correction.
