Daily Pivots: (S1) 0.9101; (P) 0.9117; (R1) 0.9137; More…
USD/CHF’s rally resumed by breaking through 0.9136 and intraday bias back on the upside. Current rise from 0.8374 will now target 0.9223 key resistance next. Decisive break there will carry larger bullish implications. For now, near term outlook will stay bullish as long as 0.9007 support holds, in case of retreat.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern, with rise from 0.8374 as the third leg. Overall outlook will continue to stay bearish as long as 0.9223 resistance holds. Break of 0.8332 low is in favor at a later stage when the consolidation completes. However, decisive break of 0.9223 will be an important sign of bullish trend reversal.
