Daily Pivots: (S1) 0.8966; (P) 0.9019; (R1) 0.9074; More…
USD/CHF recovered after drawing support from near term rising channel and 55 D EMA. Intraday bias is turned neutral first. Rise from 0.8374 remains intact so far. On the upside, break of 0.9107 will target 0.9200 and 0.9223 key resistance. On the downside, break of 0.8964 will resume the fall from 0.9200 to 38.2% retracement of 0.8374 to 0.9200 at 0.8884 next.
In the bigger picture, as long as 0.9223 resistance holds, price actions from 0.8332 (2023 low) are seen as a medium term corrective pattern. That is, long term down trend is in favor to resume through 0.8332 at a later stage. However, sustained break of 0.9223 will be an important sign of bullish trend reversal.
