Daily Pivots: (S1) 0.9132; (P) 0.9159; (R1) 0.9209; More….
USD/CHF’s break of 0.9174 minor resistance indicates short term bottoming at 0.9084. Intraday bias is back on the upside for stronger rebound. On the downside, break of 0.9084 will resume the fall from 0.9367 to 0.9017 support, and then 0.8925.
In the bigger picture, the corrective structure of the rebound from 0.8925 argues that fall from 0.9471 is not complete yet. It could either be the second leg of pattern from 0.8756 (2021 low), or resuming larger down trend from 1.0237 (2018 high). We’d pay attention to the downside momentum and assess the odds later. But for now, medium term outlook will be neutral at best as long as 0.9471 resistance holds.
