Daily Pivots: (S1) 0.9040; (P) 0.9074; (R1) 0.9139; More….
Despite current retreat, intraday bias in USD/CHF stays on the upside first. Sustained trading above 0.9086 resistance will pave the way back to 0.9342 resistance next. In any case, further rally will remain in favor as long as 0.9007 support holds. But firm break of 0.9007 will turn bias to the downside for 0.8886 support instead.
In the bigger picture, outlook is mixed up by the deeper than expected pull back from 0.9243. Yet there was no follow through selling after hitting 0.8886. On the upside, break of 0.9243 resistance will revive the case of medium term bottoming at 0.8851, and turn outlook bullish. However, sustained break of 61.8% retracement of 0.8551 to 0.9243 at 0.8815 will argue that larger decline from 1.0146 is ready to resume through 0.8551 low.
