Daily Pivots: (S1) 0.8678; (P) 0.8710; (R1) 0.8729; More….
USD/CHF retreated after failing to sustain above 0.8727 resistance. Intraday bias is turned neutral again. For now, further rally is expected as long as 0.8550 support holds. Break of 0.8740 will resume the rebound from 0.8332 to 61.8% retracement of 0.9243 to 0.8332 at 0.8995 next.
In the bigger picture, there is prospect of medium term bottoming at 0.8332 considering possible bullish convergence condition in W MACD, and the support from 0.8317 long term fibonacci support. Sustained trading above 55 D EMA (now at 0.8672) will affirm this case, and bring stronger rise back towards 0.9243 resistance, even as a corrective move.
