Daily Pivots: (S1) 0.9704; (P) 0.9734; (R1) 0.9774; More…
USD/CHF’s fall from 1.0063 extends lower today and intraday bias stays on the downside for 55 day EMA (now at 0.9589) and below. But downside should be contained by 61.8% retracement at 0.9525 to bring rebound. On the upside, above 0.9763 minor resistance will turn bias back to the upside for recovery.
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.
