Daily Pivots: (S1) 0.9013; (P) 0.9051; (R1) 0.9124; More….
USD/CHF’s strong rise and break of 0.9052 resistance confirms short term bottoming at 0.8925. Rise from there is seen as a corrective move first. Intraday bias is back on the upside. Break of 38.2% retracement of 0.9471 to 0.8925 at 0.9134 will target 61.8% retracement at 0.9262. On the downside, below 0.9052 resistance turned support will turn bias neutral first.
In the bigger picture, prior rejection by 61.8% retracement of 0.9901 to 0.8756 at 0.9464 argues that rebound from 0.8756 was probably just a corrective move. That is, larger down trend from 1.0237 might be still in progress. Medium term bearish is also affirmed as the pair is now below falling 55 week EMA. Firm break of 0.8756 low will target 61.8% projection of 1.0237 to 0.8756 from 0.9471 at 0.8556 next.
