Daily Pivots: (S1) 0.9321; (P) 0.9348; (R1) 0.9367; More….
USD/CHF failed to sustain above 0.9367 resistance and retreated after forming a temporary top at 0.9372. Intraday bias is turned neutral first. Another rise will remain in favor as long as 0.9248 support holds. Above 0.9372 will target 0.9471 key resistance next. Decisive break there will carry larger bullish implications. However, break of 0.9248 will turn bias back to the downside for 0.9084 support instead.
In the bigger picture, as long as 0.9471 resistance holds, larger down trend from 1.0237 (2018 high) could still extend through 0.8756 low. However, sustained break of 0.9471 will revive the case of medium term bullish reversal. In this case, we’d assess the change of retesting 1.0342 high at a later stage, by looking at the upside momentum first.
