Daily Pivots: (S1) 0.8678; (P) 0.8710; (R1) 0.8729; More….
Intraday bias in USD/CHF remains neutral for the moment. With 0.8550 support intact, further rally is still expected. On the upside, break of 0.8740 will resume the rebound from 0.8332 to 61.8% retracement of 0.9243 to 0.8332 at 0.8995 next.
In the bigger picture, there is prospect of medium term bottoming at 0.8332 considering possible bullish convergence condition in W MACD, and the support from 0.8317 long term fibonacci support. Sustained trading above 55 D EMA (now at 0.8672) will affirm this case, and bring stronger rise back towards 0.9243 resistance, even as a corrective move.
