Daily Pivots: (S1) 0.9462; (P) 0.9493; (R1) 0.9554; More….
A temporary top is formed at 0.9535 in USD/CHF with current retreat. Intraday bias is turned neutral first. Downside of retreat should be contained by 0.9372 resistance turned support to bring another rally. On the upside, above 0.9535 will target 0.9591 medium term projection level.
In the bigger picture, down trend from 1.0342 (2016 high) could have completed with three waves down to 0.8756 (2021 low) already. Rise from 0.8756 is likely a medium term up trend of its own. Next target is 61.8% projection of 0.8756 to 0.9471 from 0.9149 at 0.9591. Sustained break there will pave the way to 100% projection at 0.9864. This will now remain the favored case as long as 0.9149 support holds.
