Daily Pivots: (S1) 0.9160; (P) 0.9172; (R1) 0.9195; More….
USD/CHF’s breach of 0.9017 suggests resumption of rise from 0.9017. Intraday bias is back on the upside for 0.9273 resistance first. Firm break there will solidify near term bluishness for 0.9471 resistance next. However, break of 0.9149 support will turn focus back to 0.908 support instead.
In the bigger picture, USD/CHF is still struggling around 55 week EMA (now at 0.9178) and outlook is mixed for now. Confirmed rejection by the 55 week EMA will retain medium term bearishness. That is, larger fall from 1.0342 would resume through 0.8756 low at a later stage. However, sustained trading above 55 week EMA will tilt favor to the case of bullish reversal. Focus would then be turned to 0.9471 resistance for confirmation.
