Daily Pivots: (S1) 0.9162; (P) 0.9193; (R1) 0.9245; More….
A temporary top is formed at 0.9224 in USD/CHF and intraday bias is turned neutral first. Some consolidations would be seen and deeper retreat cannot be ruled out. But risk will stay on the upside as long as 0.9019 support holds. Break of 0.9224 will resume the rally from 0.8551 to 0.9439 resistance next.
In the bigger picture, current development indicates that rise from 0.8551 is reversing whole down trend from 1.0146. Further rally would then be seen to 61.8% retracement at 0.9537 and above. For now, this will be the favored case as long as 55 D EMA (now at 0.8917) holds, even in case of deep pullback.
