Daily Pivots: (S1) 0.9223; (P) 0.9248; (R1) 0.9281; More…
Intraday bias in USD/CHF remains on the upside for the moment. Rally from 0.9058 short term bottom should target 0.9407 resistance, or possibly further to 38.2% retracement of 1.0146 to 0.9058 at 0.9474. On the downside, below 0.9262 minor support will turn intraday bias neutral first.
In the bigger picture, decline from 1.0146 is seen as part of a long term sideway pattern. As long as 38.2% retracement of 1.0146 to 0.9058 at 0.9474 holds, another fall is in favor through 0.9058. However, sustained trading above 0.9474 will indicate that the medium term trend has reversed, and open up further rally to 1.0146 again.
