Daily Pivots: (S1) 0.8591; (P) 0.8637; (R1) 0.8714; More…
USD/CHF’s break of 0.629 minor resistance suggests short term bottoming at 0.8553, just ahead of 100% projection of 0.9439 to 0.8818 from 0.9146 at 0.8525. Intraday bias is back on the upside for stronger rebound towards 0.8818 support turned resistance. For now, risk will stay mildly on the upside as long as 0.8553 holds, in case of retreat.
In the bigger picture, the break of 0.8756 (2021 low) indicates break out from the long term range pattern. For now, medium term outlook will stay bearish as long as 0.9146 resistance holds. Further fall would be seen to 61.8% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.8317 next.
