Daily Pivots: (S1) 0.8786; (P) 0.8819; (R1) 0.8878; More….
Intraday bias in USD/CHF remains on the upside at this point. Further rally should be seen to 0.9146 cluster resistance next. Strong resistance could be seen there to limit upside, at least on first attempt. On the downside, break of 0.8758 support is needed to indicate completion of the rebound from 0.8551. Otherwise, near term outlook is cautiously bullish in case of retreat.
In the bigger picture, rebound from 0.8551 medium term bottom is currently seen as a correction to the downtrend from 1.0146 (2022 high). Further rally would be seen to 0.9146 cluster resistance (38.2% retracement of 1.0146 to 0.8551 at 0.9160), even as a correction. For now, medium term outlook is neutral at best as long as 0.8551 holds, until further developments.
