Daily Pivots: (S1) 0.9213; (P) 0.9238; (R1) 0.9272; More…
USD/CHF rebounds notably today and break of 0.9341 resistance suggests short term bottoming at 0.9199, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for 55 day EMA (now at 0.9473). For now, rise will stay mildly on the upside as long as 0.9199 support holds, in case of retreat.
In the bigger picture, rise from 0.8756 (2021 low) has completed at 1.0146, well ahead of 1.0342 long term resistance (2016 high). Based on current downside momentum, fall from 1.0146 might be a medium term down trend itself. Sustained break of 61.8% retracement of 0.8756 to 1.0146 at 0.9287 will pave the way to 0.8756. In any case, risk will stay on the downside as long as 0.9545 resistance holds.
