Daily Pivots: (S1) 0.8947; (P) 0.8972; (R1) 0.9011; More….
USD/CHF’s rally resumed after brief consolidations and intraday bias is back on the upside. Current rally from 0.8551 should target 0.9146 cluster resistance. On the downside, break of 0.8930 support will argue that a short term top is possibly formed, and turn bias back to the downside for 55 D EMA (now at 0.8868).
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.
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