Daily Pivots: (S1) 0.9745; (P) 0.9781; (R1) 0.9839; More…
USD/CHF’s rebound form 0.9543 resumes after brief consolidation and intraday bias back on the upside. Further rally would be seen to retest 1.0063 high. Firm break there will resume larger up trend. However, break of 0.9714 minor support will extend the correction from 1.0063 with another leg, and turn bias to the downside for 61.8% retracement of 0.9193 to 1.0063 at 0.9525.
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 1.0237/0342 resistance zone. This will remain the favored case as long as 0.9471 resistance turned support holds. However, sustained break of 0.9471 will extend long term range trading with another falling leg.
