Daily Pivots: (S1) 0.9276; (P) 0.9299; (R1) 0.9323; More….
USD/CHF’s break of 0.9356 support suggests that deeper correction is underway. Intraday bias is back on the downside. Still, overall outlook will remain bullish as long as 0.9044 resistance turned support holds. Up trend resumption is expected at a later stage. Break of 0.9374 will target 61.8% retracement of 0.9901 to 0.8756 at 0.9464.
In the bigger picture, current development argues that fall from 1.0237 has completed at 0.8756, on bullish condition in daily and weekly MACD. Current rally from 0.8756 should target 0.9901 resistance first. Break there will target 1.0237/0342 resistance zone in the medium term. This will now remain the favored case as long as 0.9044 resistance turned support holds.
