Daily Pivots: (S1) 0.9105; (P) 0.9141; (R1) 0.9159; More…
USD/CHF’s retreat from 0.9200 extends lower today, but stays above 0.9007 support. Intraday bias remains neutral for the moment. Near term outlook will stay bullish. On the upside, decisive break of 0.9223 will carry larger bullish implications.
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.
