Daily Pivots: (S1) 0.8588; (P) 0.8634; (R1) 0.8716; More….
Intraday bias in USD/CHF remains neutral for the moment. On the upside, above 0.8727 will resume the rebound from 0.8332, and target 61.8% retracement of 0.9243 to 0.8332 at 0.8995. On the downside, below 0.8550 will resume the fall from 0.8727 for 0.8487 support.
In the bigger picture, there is prospect of medium term bottoming at 0.8332 considering possible bullish convergence condition in W MACD, and the support from 0.8317 long term fibonacci support. Sustained trading above 55 D EMA (now at 0.8672) will affirm this case, and bring stronger rise back towards 0.9243 resistance, even as a corrective move.
