Daily Pivots: (S1) 0.9677; (P) 0.9730; (R1) 0.9758; More…
USD/CHF’s break of 0.9691 support suggests that rebound from 0.9369 has completed at 0.9869, ahead of 0.9884 resistance. The development also indicates that corrective pattern from 1.0063 is extending with another falling leg. Intraday bias is back on the downside for 0.9369 support. On the upside, above 0.9757 minor resistance will turn intraday bias neutral again.
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.
