Daily Pivots: (S1) 0.9745; (P) 0.9781; (R1) 0.9839; More…
Intraday bias in USD/CHF stays on the upside for the moment. Rise from 0.9543 should target a test on 1.0063 high. Firm break there will resume larger up trend. On the downside, below 0.9722 minor support will turn intraday bias neutral first.
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.
