Daily Pivots: (S1) 0.8740; (P) 0.8760; (R1) 0.8785; More….
USD/CHF’s rebound from 0.8851 resume today and intraday bias is back on the upside. Sustained trading above 0.8818 support turned resistance will carry larger bullish implication. Further rally should then be seen to 0.9146 cluster resistance next. For now, outlook will stay cautiously bullish as long as 0.8688 support holds, in case of retreat.
In the bigger picture, A medium term bottom could be in place at 0.8551 already, on bullish convergence condition in D MACD. Sustained trading above 0.8818 will bring further rise to 0.9146 cluster resistance (38.2% retracement of 1.0146 to 0.8551 at 0.9160), even as a correction. Nevertheless, break of 0.8851 will resume the down trend from 1.0146 instead.
