Daily Pivots: (S1) 0.9300; (P) 0.9327; (R1) 0.9375; More….
USD/CHF’s rally resumes by taking out 0.9331 resistance and intraday bias is back on the upside. Rise from 0.8925 is in progress for 0.9471 resistance. Sustained break there will carry larger bullish implications. For now, further rally will remain in favor as long as 0.9214 support holds, in case of retreat.
In the bigger picture, the strong rally above 55 week EMA (now at 0.9190) 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.
