Daily Pivots: (S1) 0.9868; (P) 1.0006; (R1) 1.0081; More…
USD/CHF is still bounded in range of 0.9840/1.0146 and intraday bias remains neutral. Consolidation from 1.0146 could extend further, but further rally is expected as long as 0.9840 support holds. Break of 1.0146 will resume larger up trend to 1.0283 projection level. However, sustained break of 0.9840 will now complete a double top pattern, and turn bias back to the downside for 0.9478 support instead.
In the bigger picture, 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.
