Daily Pivots: (S1) 0.9327; (P) 0.9379; (R1) 0.9422; More….
Intraday bias in USD/CHF remains neutral at this point. As long as 0.9318 support holds, further rally is still expected. On the upside, above 0.9459 will target 0.9471 resistance first. Break there will resume whole rally from 0.8756 to 61.8% projection of 0.8756 to 0.9471 from 0.9090 at 0.9532. However, break of 0.9318 will bring deeper pull back to 55 day EMA (now at 0.9242).
In the bigger picture, medium term outlook will be neutral at best as long as 0.9471 resistance holds. Larger down trend could still extend through 0.8756 (2021 low). However, firm break of 0.9471 will argue that whole down trend form 1.0342 (2016 high), has completed with waves down to 0.8756. A medium term up trend should be set up to target 1.0237/0342 resistance zone.
Source link
