Daily Pivots: (S1) 1.0044; (P) 1.0095; (R1) 1.0187; More…
USD/CHF’s break of 1.0031 minor support indicates rejection by 1.0146 resistance. Consolidation pattern from there is expected and deeper fall might be seen. But still, outlook will will stay bullish as long as 0.9840 support holds. On the upside, firm break of 1.0146 will resume larger up trend. Next target is 1.0283 projection level.
In the bigger picture, current development suggests that up trend from 0.8756 (2021 low) is still in progress. Next target is 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 0.9779 support holds, even in case of deep pull back.
