Daily Pivots: (S1) 0.8924; (P) 0.8948; (R1) 0.8980; More….
USD/CHF’s rally from 0.8551 continues today and intraday bias stays on the upside. Further rise should be seen to 0.9146 cluster resistance. On the downside, though, break of 0.8893 support will indicate short term topping, and turn bias to the downside for deeper pullback.
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.
