Daily Pivots: (S1) 0.9740; (P) 0.9765; (R1) 0.9799; More…
Intraday bias in USD/CHF remains on the downside and outlook is unchanged. Fall from 0.9884 is seen as a falling leg of the consolidation from 1.0063. Sustained trading below 55 day EMA (now at 0.9681) will target 0.9493 support again. On the upside, above 0.9788 minor resistance will turn bias back to the upside for 0.9884 resistance.
In the bigger picture, medium term up trend from 0.8756 (2021 low) is still in progress. Next target is 1.0342 (2016 high). Sustained break there will resume long term up trend from 0.7065 (2011 low). This will remain the favored case as long as 0.9471 resistance turned support holds.
