Daily Pivots: (S1) 0.9130; (P) 0.9163; (R1) 0.9215; More….
USD/CHF’s rally from 0.8551 resumed by breaking through 0.9224 resistance today. Intraday bias is back on the upside. Current rally should target 0.9439 resistance next. On the downside, break of 0.9089 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
In the bigger picture, current development indicates that rise from 0.8551 is reversing whole down trend from 1.0146. Further rally would then be seen to 61.8% retracement at 0.9537 and above. For now, this will be the favored case as long as 55 D EMA (now at 0.8942) holds, even in case of deep pullback.
