Daily Pivots: (S1) 0.8835; (P) 0.8854; (R1) 0.8886; More…
USD/CHF’s rally from 0.8374 resumed by breaking 0.8916 resistance. Intraday bias is back on the upside. Further rise should be seen towards 0.9223 key resistance next. For now, outlook will stay bullish as long as 0.8800 support holds, in case of retreat.
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.
