Daily Pivots: (S1) 0.9289; (P) 0.9334; (R1) 0.9406; More…
Intraday bias in USD/CHF remains neutral and risk stays mildly on the upside with 0.9199 short term bottom intact. Break of 0.9397 will resume the rebound from 0.9199 to 55 day EMA (now at 0.9460) and above. On the downside, however, firm break of 0.9199 will resume whole decline from 1.0146 instead.
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.
