Daily Pivots: (S1) 0.9675; (P) 0.9717; (R1) 0.9761; More….
A temporary top is formed at 0.9578 in USD/CHF and intraday bias is turned neutral for consolidation. Downside of retreat should be contained above 0.9459 resistance turned support to bring another rally. On the upside, above 0.9758 will resume larger rise to next medium term projection level at 0.9864.
In the bigger picture, down trend from 1.0342 (2016 high) should 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 100% projection of 0.8756 to 0.9471 from 0.9149 at 0.9864. This will now remain the favored case as long as 0.9459 resistance turned support holds.
