Daily Pivots: (S1) 0.9115; (P) 0.9134; (R1) 0.9167; More….
Intraday bias in USD/CHF stays neutral at this point, and near term outlook is mixed. On the downside, below 0.9098 will target 0.9017 support first. Further break there will likely resume the decline from 0.9471 through 0.8925 low. On the upside, though, break of 0.9241 should resume the rise from 0.8925 through 0.9273 resistance.
In the bigger picture, the failure to sustain above 55 week EMA (now at 0.9184) retains medium term bearish in USD/CHF. Break of 0.8925 support should resume the whole decline form 1.0342 (2016 high) through 0.8756 low. However, break of 0.9273 resistance and sustained trading above 55 week EMA will be an early sign of bullish trend reversal. Focus will then turn to 0.9471 resistance for confirmation.
