Daily Pivots: (S1) 0.8633; (P) 0.8667; (R1) 0.8686; More…
USD/CHF rebounded strongly after drawing support from 55 4H EMA (now at 0.8649), but stays below 0.8699 temporary top. Intraday bias remains neutral first. Further rally remains in favor as long as 55 D EMA (now at 0.8603) holds. On the upside, decisive break of 38.2% retracement of 0.9223 to 0.8374 at 0.8698 will argue that fall from 0.9223 has completed after defending 0.8332 low. Further rally should then be seen to 61.8% retracement at 0.8899 next.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern, with fall from 0.9223 as the second leg. Strong support could be seen from 0.8332 to bring rebound. Yet, overall outlook will continue to stay bearish as long as 0.9243 resistance holds. Firm break of 0.8332, however, will resume larger down trend from 1.0146 (2022 high).
, but stays below 0.8699 temporary top. Intraday bias remains neutral first. Further rally remains in favor as long as 55 D EMA (now at 0.8603) holds. On the upside, decisive break of 38.2% retracement of 0.9223 to 0.8374 at 0.8698 will argue that fall from 0.9223 has completed after defending 0.8332 low. Further rally should then be seen to 61.8% retracement at 0.8899 next.){kind=link}