Daily Pivots: (S1) 0.9087; (P) 0.9098; (R1) 0.9118; More….
Intraday bias in USD/CHF is mildly on the upside with breach of 0.9101 resistance. Corrective fall from 0.9223 might have completed with three waves down to 0.8987 already. Further rally should be seen back to retest 0.9223. On the downside, though, break of 0.8987 will resume the fall to 38.2% retracement of 0.8332 to 0.9223 at 0.8883.
In the bigger picture, price actions from 0.8332 medium term bottom are tentatively seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Rejection by 0.9243 resistance, followed by sustained break of 38.2% retracement of 0.8332 to 0.9223 at 0.8883 will strengthen this case, and maintain medium term bearishness. However, decisive break of 0.9243 will argue that the trend has already reversed and turn medium term outlook bullish for 1.0146.
