Daily Pivots: (S1) 0.9956; (P) 1.0003; (R1) 1.0076; More….
USD/CHF’s rise continues today and there is no sign of topping after breaking 261.8% projection of 0.9149 to 0.9459 from 0.9193 at 1.0005. Intraday bias stays on the upside and further rally would be seen to next medium term projection level at 1.0306. On the downside, considering bearish divergence condition in 4 hour MACD, break of 0.9871 support will indicate short term topping, and turn bias to the downside for pull back.
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.
