Daily Pivots: (S1) 0.8752; (P) 0.8778; (R1) 0.8811; More….
Range trading continues in USD/CHF and intraday bias stays neutral at this point. On the upside, firm break of 0.8874 will resume the rise from 0.8551. Next target is 0.9146 cluster resistance. On the downside, though, break of 0.8743 minor support will argue that rebound from 0.8551 has completed, and bring retest of this low.
In the bigger picture, rebound from 0.8551 medium term bottom is currently seen as a correction to the downtrend from 1.0146 (2022 high). Further rally would be seen to 0.9146 cluster resistance (38.2% retracement of 1.0146 to 0.8551 at 0.9160). Strong resistance could be seen there to limit upside, at least on first attempt. Nevertheless, medium term outlook is neutral at best as long as 0.8551 holds, until further developments.
