Daily Pivots: (S1) 0.9167; (P) 0.9200; (R1) 0.9217; More….
USD/CHF’s rebound from 0.9101 resumed by breaking 0.9231 and intraday bias is back on the upside. The corrective fall from 0.9372 has completed with three waves down to 0.9101. As long as 0.9084 support holds, choppy rise from 0.8925 could still extend higher. Further rise should now be see to 0.9293 first, and then 0.9372.
In the bigger picture, the corrective structure of the rebound from 0.8925 argues that fall from 0.9471 is not complete yet. It could either be the second leg of pattern from 0.8756 (2021 low), or resuming larger down trend from 1.0237 (2018 high). We’d pay attention to the downside momentum and assess the odds later. But for now, medium term outlook will be neutral at best as long as 0.9471 resistance holds.
