Daily Pivots: (S1) 0.8991; (P) 0.9014; (R1) 0.9048; More….
Intraday bias in USD/CHF remains mildly on the upside at this point. Rebound from 0.8886 short term bottom would target 0.9086 resistance first. Sustained break there will pave the way back to 0.9342 resistance next. On the downside, however, below 0.8962 minor support will turn bias back to the downside for 0.8886 and possibly below.
In the bigger picture, outlook is mixed up by the deeper than expected pull back from 0.9243. Yet there was no follow through selling after hitting 0.8886. On the upside, break of 0.9243 resistance will revive the case of medium term bottoming at 0.8851, and turn outlook bullish. However, sustained break of 61.8% retracement of 0.8551 to 0.9243 at 0.8815 will argue that larger decline from 1.0146 is ready to resume through 0.8551 low.
