Daily Pivots: (S1) 0.8821; (P) 0.8851; (R1) 0.8874; More…
Immediate focus is now on 0.8800 support in USD/CHF with today’s decline. Decisive break there will confirm short term topping at 08956. Intraday bias will be turned back to the downside for 55 D EMA (now at 0.8736). On the upside, break of 0.8956 will resume the rally from 0.8374, and target 0.9223 key resistance next.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern. Rise from 0.8374 is seen as the third leg. Overall outlook will continue to stay bearish as long as 0.9223 resistance holds. Break of 0.8332 low is in favor at a later stage when the consolidation completes.
. On the upside, break of 0.8956 will resume the rally from 0.8374, and target 0.9223 key resistance next.){kind=link}