Daily Pivots: (S1) 0.9951; (P) 0.9981; (R1) 0.0030; More…
USD/CHF retreated after rising to 1.0019 and intraday bias is turned neutral again. While deeper fall cannot be ruled out, break of 0.9779 support is needed to indicate short term topping. Otherwise, outlook will stay cautiously bullish in case of retreat. On the upside, above 1.0019 will target 1.0063 high first. Decisive break there will resume larger up trend.
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.
