Daily Pivots: (S1) 0.8861; (P) 0.8890; (R1) 0.8932; More…
USD/CHF’s rally is still in progress and intraday bias stays on the upside. Sustained break of 61.8% retracement of 0.9223 to 0.8374 at 0.8899 will pave the way to 0.9223 high. On the downside, below 0.8835 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern. Rise from 0.8374 is seen as the third leg. Overall outlook will continue to stay bearish as long as 0.9223 resistance holds. Break of 0.8332 low is in favor at a later stage when the consolidation completes.
