Daily Pivots: (S1) 0.8732; (P) 0.8752; (R1) 0.8778; More….
Intraday bias in USD/CHF remains on the upside despite loss of momentum as seen in 4H MACD. Current rise from 0.8332 should target 61.8% retracement of 0.9243 to 0.8332 at 0.8995. On the downside, below 0.8725 minor support will turn intraday bias neutral first. But near term outlook will stay cautiously bullish as long as 0.8550 support holds.
In the bigger picture, sustained trading above 55 D EMA (now at 0.8687) will solidify the case of medium term bottoming at 0.8332, just ahead of 0.8317 long term fibonacci support, on bullish convergence condition in W MACD. Further rise should be seen to 0.9243 resistance, even as a correction to the larger down trend from 1.0146 (2022 high).
