Daily Pivots: (S1) 0.8786; (P) 0.8833; (R1) 0.8919; More….
Intraday bias in USD/CHF remains on the upside at this point. Current rally from 0.8332 should target 100% projection of 0.8332 to 0.8727 from 0.8550 at 0.8954. Firm break there will pave the way to 161.8% projection at 0.9189. On the downside, below 0.8754 minor support will turn intraday bias neutral first. But retreat should be contained above 0.8550 support to bring another rally.
In the bigger picture, a medium term bottom should be formed at 0.8332, on bullish convergence condition in W MACD, just ahead of 0.8317 long term fibonacci support, on bullish convergence condition in W MACD. It’s still early to decide if the larger down trend from 1.0146 (2022 high) is reversing. But further rise should be seen to 0.9243 resistance even as a correction.
