Daily Pivots: (S1) 0.9259; (P) 0.9329; (R1) 0.9428; More…
USD/CHF retreated notably after hitting 0.9397 and intraday bias is turned neutral first. With a short term bottoming in place at 0.9199, on bullish convergence condition in 4 hour MACD, risk will stay mildly on the upside. Above 0.9397 will extend the rebound to 55 day EMA (now at 0.9467) and above.
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.
