Daily Pivots: (S1) 0.8557; (P) 0.8573; (R1) 0.8590; More…
USD/CHF trades mildly higher in Asian session but stays below 0.8611 temporary top. Intraday bias remains neutral First. further rally is expected as long as 0.8529 minor support holds. Above 0.8611 will resume the rebound from 0.8374 short term bottom to 38.2% retracement of 0.9223 to 0.8374 at 0.8698. However, firm break of 0.8529 will turn bias back to the downside for retesting 0.8374 low instead.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern, with fall from 0.9223 as the second leg. Strong support could be seen from 0.8332 to bring rebound. Yet, overall outlook will continue to stay bearish as long as 0.9243 resistance holds. Firm break of 0.8332, however, will resume larger down trend from 1.0146 (2022 high).
