Daily Pivots: (S1) 0.8598; (P) 0.8648; (R1) 0.8744; More….
Intraday bias in USD/CHF is back on the upside with break of 0.8699 resistance. Further rise would be seen towards 0.8818 support turned resistance. On the downside, firm break of 0.8551 will resume larger down trend from 1.0146, targeting 0.8317 fibonacci level.
In the bigger picture, the break of 0.8756 (2021 low) indicates break out from the long term range pattern. For now, medium term outlook will stay bearish as long as 0.9146 resistance holds. Further fall would be seen to 61.8% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.8317 next.
