Daily Pivots: (S1) 0.9692; (P) 0.9714; (R1) 0.9758; More….
Intraday bias in USD/CHF is back on the upside with break of 0.9758 temporary top. Current rally should target next medium term projection level at 0.9864. On the downside, however, break of 0.9669 minor support should indicate short term bottoming, and turn bias back to the downside for deeper pull back.
In the bigger picture, down trend from 1.0342 (2016 high) should 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 100% projection of 0.8756 to 0.9471 from 0.9149 at 0.9864. This will now remain the favored case as long as 0.9459 resistance turned support holds.
