Daily Pivots: (S1) 0.9504; (P) 0.9540; (R1) 0.9609; More…
Intraday bias in USD/CHF remains neutral with focus on 0.9598 minor resistance. Firm break there should confirm short term bottoming at 0.9468, after defending 0.9471 keys support. Intraday bias will be back to the upside for 55 day EMA (now at 0.9650) and above. However, sustained break of 0.9471 will carry larger bearish implication and target 0.9193 support next.
In the bigger picture, medium term up trend from 0.8756 (2021 low) is still in progress. On resumption, 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. However, firm break of 0.9471 will raise the chance that such up trend is over. Sustained trading below 55 week EMA (now at 0.9424) could bring deeper medium term fall back to 0.9149 support and below.
