Daily Pivots: (S1) 0.9103; (P) 0.9142; (R1) 0.9164; More….
USD/CHF is staying in range below 0.9243 despite the bounce in early US session. Intraday bias remains neutral first. Near term outlook will stay bullish as long as 0.9089 support holds. On the upside, break of 0.9243 will resume the rally from 0.8551 and target 0.9439 resistance next. However, firm break of 0.9089 will confirm short term topping, and turn bias back to the downside for deeper pull back.
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 0.8963) holds, even in case of deep pullback.
