Daily Pivots: (S1) 0.9300; (P) 0.9327; (R1) 0.9375; More….
A temporary top is formed at 0.9367 in USD/CHF with current retreat. Intraday bias is turned neutral for consolidations first. But further rally will remain in favor as long as 0.9214 support holds. On the upside, break of 0.9367 will resume the rise from 0.8925 to 0.9471 key resistance next.
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.
