Daily Pivots: (S1) 0.9916; (P) 0.9976; (R1) 1.0079; More…
USD/CHF’s rally resumed after brief consolidations. Intraday bias is back on the upside for 1.0063 resistance. Firm break there will resume larger up trend. Next target is 100% projection of 0.9193 to 1.0063 from 0.9543 at 1.0413. On the downside, below 0.9872 minor support will delay the bullish case and turn intraday bias neutral first.
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 1.0237/0342 resistance zone. This will remain the favored case as long as 0.9471 resistance turned support holds. However, sustained break of 0.9471 will extend long term range trading with another falling leg.
