Daily Pivots: (S1) 0.8716; (P) 0.8742; (R1) 0.8784; More…
USD/CHF’s rally resumed by breaking through 0.8733 temporary top and intraday bias is back on the upside. Current rise from 0.8374 should target 61.8% retracement of 0.9223 to 0.8374 at 0.8899 next. On the upside, below 0.8752 minor support will turn intraday bias neutral again. But outlook will stay bullish as long as 0.8614 support holds, in case of retreat.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern. Rise from 0.8374 is seen as the third leg. Overall outlook will continue to stay bearish as long as 0.9223 resistance holds. Break of 0.8332 low is in favor at a later stage when the consolidation completes.
