Daily Pivots: (S1) 0.9280; (P) 0.9303; (R1) 0.9345; More….
Intraday bias in USD/CHF is turned neutral with today’s retreat, and some consolidations could be seen. But further rally will remain in favor as long as 0.9162 support holds. Rise form 0.8925 is in progress and break of 0.9331 will target 0.9471 key resistance. Sustained break there will carry larger bullish implications.
In the bigger picture, the strong rally above 55 week EMA (now at 0.9182) now tilts favor to the case of bullish trend reversal. That is, decline from 1.3042 (2016 high) is probably completed at 0.8756 already. Sustained break of 0.9471 resistance should confirm this case and pave the way to retest 1.0342 ahead. However, rejection by 0.9471 will mix up the outlook again and retain some medium term bearishness.