Daily Pivots: (S1) 0.9592; (P) 0.9625; (R1) 0.9677; More…
USD/CHF’s rally continues today and the break of 0.9648 resistance argues that whole triangle correction from 1.0063 has completed at 0.9369. Further rise should be seen to 0.9884 resistance next. Break there will argue that larger up trend is ready for resumption through 1.0063. On the downside, below 0.9572 minor support will mix up the outlook and turn intraday bias neutral first.
In the bigger picture, current development suggests that up trend from 0.8756 (2021 low) is still in progress. Sustained break of 1.0063 will target 100% projection of 0.9149 to 1.0063 from 0.9369 at 1.0283, and then 1.0342 (2016 high). For now, this will remain the favored case as long as 0.9369 support holds, even in case of deep pull back.
