Daily Pivots: (S1) 0.9019; (P) 0.9053; (R1) 0.9120; More….
Immediate focus is now on 0.9081 resistance with current recovery. Break will suggest that USD/CHF’s pull back from 0.9243 has completed at 0.8985, after drawing support from 38.2% retracement of 0.8551 to 0.9243 at 0.8979. Intraday bias will then be back on the upside for retesting 0.9243 high. Nevertheless, sustained break of 0.8979 will argue that deeper fall is under way to 61.8% retracement at 0.8815.
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 0.8971) holds, even in case of deep pullback.
