Daily Pivots: (S1) 0.8831; (P) 0.8847; (R1) 0.8860; More….
USD/CHF’s break of 0.8874 resistance confirms resumption of rebound from 0.8551. Intraday bias is back on the upside. Further rally should be seen to 0.9146 cluster resistance. On the upside, below 0.8831 minor support will turn intraday bias neutral first. But risk will stay on the upside as long as 0.8743 support holds.
In the bigger picture, rebound from 0.8551 medium term bottom is currently seen as a correction to the downtrend from 1.0146 (2022 high). Further rally would be seen to 0.9146 cluster resistance (38.2% retracement of 1.0146 to 0.8551 at 0.9160). Strong resistance could be seen there to limit upside, at least on first attempt.
