Daily Pivots: (S1) 0.9734; (P) 0.9771; (R1) 0.9814; More…
USD/CHF’s rally from 0.9369 is still in progress and intraday bias stays on the upside. Current rally should target 0.9884 resistance first. Break there will argue that larger up trend is ready for resumption through 1.0063. On the downside, break of 0.9576 support is needed to indicate completion of the rebound. Otherwise, further rise will remain in favor in case of retreat.
In the bigger picture, current development suggests that up trend from 0.8756 (2021 low) is still in progress. Sustained break of 1.0063 will target 100% projection of 0.9149 to 1.0063 from 0.9369 at 1.0283, and then 1.0342 (2016 high). For now, this will remain the favored case as long as 0.9369 support holds, even in case of deep pull back.
