Daily Pivots: (S1) 0.9519; (P) 0.9575; (R1) 0.9606; More…
Intraday bias in USD/CHF stays on the downside for 0.9493 support and possibly below. Price actions from 1.0063 high are still viewed as a consolidation pattern. Hence, Strong support should be seen from 0.9471 resistance turned support to bring rebound. On the upside, above 0.9598 minor resistance will turn bias back to the upside for recovery towards 55 day EMA (now at 0.9663) and above. However, sustained break of 0.9471 will carry larger bearish implication and target 0.9193 support next.
In the bigger picture, medium term up trend from 0.8756 (2021 low) is still in progress. On resumption, 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. However, firm break of 0.9471 will raise the chance that such up trend is over.
