Daily Pivots: (S1) 0.8763; (P) 0.8784; (R1) 0.8808; More…
Intraday bias in USD/CHF stays mildly on the upside for the moment. Corrective fall from 0.8956 could have completed at 0.8735 after hitting 55 D EMA. Further rally is in favor to retest 0.8956 high first. However, considering head and shoulder top pattern, firm break of the EMA will argue that whole rise from 0.8401 might have completed, and bring deeper decline to 61.8% retracement of 0.8401 to 0.8956 at 0.8613 next.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern, with rise from 0.8374 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.
