Daily Pivots: (S1) 0.8955; (P) 0.8969; (R1) 0.8984; More….
Intraday bias in USD/CHF stays on the upside for the moment. Current rise from 0.8551 is in progress for 0.9146 cluster resistance. On the downside, however, break of 0.8893 support will argue that a short term top is possibly formed, and turn bias back to the downside for 55 D EMA (now at 0.8858).
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.
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