Daily Pivots: (S1) 0.9380; (P) 0.9406; (R1) 0.9438; More….
A temporary top is in place at 0.9430 in USD/CHF with 4 hour MACD crossed below signal line. Intraday bias is turned neutral for some consolidations. But retreat should be contained above 0.9304 resistance turned support to bring another rally. On the upside, above 0.9430 will target 0.9471 resistance first. Break there will resume whole rally from 0.8756 to 61.8% projection of 0.8756 to 0.9471 from 0.9090 at 0.9532.
In the bigger picture, medium term outlook will be neutral at best as long as 0.9471 resistance holds. Larger down trend could still extend through 0.8756 (2021 low). However, firm break of 0.9471 will argue that whole down trend form 1.0342 (2016 high), has completed with waves down to 0.8756. A medium term up trend should be set up to target 1.0237/0342 resistance zone.
