Daily Pivots: (S1) 0.9194; (P) 0.9220; (R1) 0.9268; More….
USD/CHF rises further to as high as 0.9256 so far today and focus is now on 0.9276 resistance. Break there should resume the choppy rise from 0.8925 through 0.9372 resistance. On the downside, firm break of break of 0.9084 support will argue that choppy rise from 0.8925 has completed, and bring deeper fall back to 0.8925.
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.
