Daily Pivots: (S1) 0.8947; (P) 0.8987; (R1) 0.9024; More…
Intraday bias in USD/CHF stays on the upside at this point. Rise from 0.8818 short term bottom is at least corrective whole down trend from 1.0146. Sustained break of 55 D EMA (now at 0.9042) will confirm this case and target 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.
