Daily Pivots: (S1) 0.8932; (P) 0.8951; (R1) 0.8983; More…
USD/CHF’s break of 0.8993 resistance confirms short term bottoming at 0.8818, ahead of 0.8756 long term support. Intraday bias is back on the upside for 55 D EMA (now at 0.9045). Sustained break there should confirm that it’s at least correcting whole down trend from 1.0146. Further rally would be seen to 38.2% retracement of 1.0146 to 0.8818 at 0.9325. On the downside, below 0.8918 minor support will turn intraday bias neutral first.
In the bigger picture, fall from 1.1046 (2022 high) is seen as a leg in the long term range pattern from 1.0342 (2016 high). So, downside should be contained by 0.8756 to bring reversal. Sustained break of 0.9058 support turned resistance will be the first sign of medium term bottoming. However, decisive break of 0.8756 will carry larger bearish implications.
. Sustained break there should confirm that it's at least correcting whole down trend from 1.0146. Further rally would be seen to 38.2% retracement of 1.0146 to 0.8818 at 0.9325. On the downside, below 0.8918 minor support will turn intraday bias neutral first.){kind=link}