Daily Pivots: (S1) 0.9731; (P) 0.9789; (R1) 0.9818; More…
USD/CHF’s break of 0.9754 minor support argues that rebound from 0.9493 is complete at 0.9884. Consolidation from 1.0063 is extending with another falling leg. Intraday bias is back on the downside for 55 day EMA (now at 0.9680). Firm break there will target 0.9493 support again. on the upside, above 0.9884 will resume the rebound to retest 1.0063 high.
In the bigger picture, medium term up trend from 0.8756 (2021 low) is still in progress. Next target is 1.0342 (2016 high). Sustained break there will resume long term up trend from 0.7065 (2011 low). This will remain the favored case as long as 0.9471 resistance turned support holds.
