Daily Pivots: (S1) 0.9596; (P) 0.9617; (R1) 0.9644; More…
Intraday bias in USD/CHF remains neutral and outlook is unchanged. The pair is still in corrective pattern from 1.0063. Below 0.9478 will extend the fall from 0.9868 towards 0.9369 support. On the upside, firm break of 4 hour 55 EMA (now at 0.9654) will target 0.9868 resistance first. Further break there will argue that larger up trend is ready to resume through 1.0063.
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.
