Daily Pivots: (S1) 0.8951; (P) 0.8990; (R1) 0.9027; More…
Intraday bias in USD/CHF is turned neutral first with current retreat and some consolidations would be seen below 0.9020 temporary top. But further rally is expected as long as 0.8735 support holds. On the upside, break of 0.9020 will resume the rally from 0.8374. Next target will be 61.8% projection of 0.8374 to 0.8956 from 0.8735 at 0.9095.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern, with rise from 0.8374 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.
