Daily Pivots: (S1) 0.9778; (P) 0.9819; (R1) 0.9853; More…
Intraday bias in USD/CHF is turned neutral as it continued to lose upside momentum. As noted before, triangle correction from 1.0063 could have completed at 0.9369 already. On the upside, break of 0.9884 resistance will argue that larger up trend is ready to resume through 1.0063 high. On the downside, however, break of 0.9691 minor support will dampen this view and turn bias back to the downside for 0.9469 support instead.
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.
