Daily Pivots: (S1) 0.9477; (P) 0.9515; (R1) 0.9573; More….
Intraday bias in USD/CHF remains on the upside for the moment. Current rally should target 0.9591 medium term projection level next. On the downside, below 0.9453 minor support will turn intraday bias neutral again and bring consolidations. But overall, further rally will remain in favor as long as 0.9372 resistance turned support holds.
In the bigger picture, down trend from 1.0342 (2016 high) could have completed with three waves down to 0.8756 (2021 low) already. Rise from 0.8756 is likely a medium term up trend of its own. Next target is 61.8% projection of 0.8756 to 0.9471 from 0.9149 at 0.9591. Sustained break there will pave the way to 100% projection at 0.9864. This will now remain the favored case as long as 0.9149 support holds.
