Daily Pivots: (S1) 0.9205; (P) 0.9219; (R1) 0.9244; More….
Intraday bias in USD/CHF stays on the upside, as rise form 0.9017 is targeting a test on 0.9273 resistance. Sustained break there will resume rise from 0.8925 to 100% projection of 0.8925 to 0.9273 from 0.9017 at 0.9365. On the downside, break of 0.9193 minor support will mixed up the outlook and turn intraday bias neutral first.
In the bigger picture, the failure to sustain above 55 week EMA (now at 0.9184) retains medium term bearish in USD/CHF. Break of 0.8925 support should resume the whole decline form 1.0342 (2016 high) through 0.8756 low. However, break of 0.9273 resistance and sustained trading above 55 week EMA will be an early sign of bullish trend reversal. Focus will then turn to 0.9471 resistance for confirmation.
