Daily Pivots: (S1) 0.8640; (P) 0.8659; (R1) 0.8678; More…
Intraday bias in USD/CHF remains mildly on the upside at this point. Rebound from 0.8553 short term bottom would target 0.8818 support turned resistance. Rejection by 0.8818 will retain near term bearishness for another decline through 0.8553. Meanwhile for now, risk will stay mildly on the upside as long as 0.8553 holds, in case of retreat.
In the bigger picture, the break of 0.8756 (2021 low) indicates break out from the long term range pattern. For now, medium term outlook will stay bearish as long as 0.9146 resistance holds. Further fall would be seen to 61.8% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.8317 next.
