Daily Pivots: (S1) 0.9205; (P) 0.9225; (R1) 0.9244; More….
Intraday bias in USD/CHF remains neutral at this point. Break of 0.9258 minor resistance will argue that corrective pull back from 0.9471 has completed. Intraday bias will be turned back to the upside for retesting this high. However, on the downside, sustained break of 38.2% retracement of 0.8756 to 0.9471 at 0.9198 will bring deeper fall to 61.8% retracement at 0.9029.
In the bigger picture, fall from 1.0237 should have completed at 0.8756, on bullish convergence condition in daily and weekly MACD. Current rally from 0.8756 should target 0.9901 resistance first. Break there will target 1.0237/0342 resistance zone in the medium term. However, sustained trading below 55 day EMA (now at 0.9192) will revive medium term bearishness for down trend extension through 0.8756 at a later stage.
