Daily Pivots: (S1) 0.9065; (P) 0.9131; (R1) 0.9169; More…
Intraday bias in USD/CHF is turned neutral as it retreated ahead of 0.9200/9223 resistance zone. Further rally is still expected as long as 0.8694 support holds. Firm break of 0.9200/9223 will carry larger bullish implication. Next near term target will be 100% projection of 0.8735 to 0.9200 from 0.8964 at 0.9429.
In the bigger picture, decisive break of 0.9223 resistance will argue that whole down trend from 1.0342 (2017 high) has completed with three waves down to 0.8332 (2023 low). Outlook will be turned bullish for 1.0146 resistance next. Nevertheless, rejection by 0.9223 will retain medium term bearishness for another decline through 0.8332 at a later stage.
