Daily Pivots: (S1) 0.8786; (P) 0.8833; (R1) 0.8919; More….
USD/CHF’s rally from 0.8332 is still in progress, and intraday bias stays on the upside. Next target is 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 0.8816 minor support will turn intraday bias neutral first. But retreat should be contained well 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.
