Daily Pivots: (S1) 0.8939; (P) 0.8973; (R1) 0.8992; More…
USD/CHF’s break of 0.8956 minor support suggests that rebound from 0.8825 has completed at 0.9049, after rejection by falling channel resistance. Also, fall from 0.9223 is not completed yet. Intraday bias is back on the downside for retesting 0.8825 low next. For now, risk will stay on the downside as long as 0.9049 resistance holds, in case of recovery.
In the bigger picture, focus remains on 0.9223/9243 resistance zone. Decisive break there would suggest larger bullish trend reversal and turn outlook bullish. Nevertheless, rejection by 0.9223/43 will keep medium term outlook neutral at best, for more range trading between 0.8332/9243 first.
