Daily Pivots: (S1) 0.9887; (P) 0.9925; (R1) 0.9979; More….
USD/CHF’s rally is still in progress for 261.8% projection of 0.9149 to 0.9459 from 0.9193 at 1.0005. Considering bearish divergence condition in 4 hour MACD, upside could be limited there to bring correction. On the downside, break of 0.9826 will indicate short term topping, and turn bias to the downside for pull back. However, sustained break of 1.0005 will pave the way to next medium term projection level at 1.0306.
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 161.8% projection of 0.8756 to 0.9471 from 0.9149 at 1.0306, which is close to 1.0342 (2016 high). This will remain the favored case as long as 0.9459 resistance turned support holds.
