Daily Pivots: (S1) 0.8814; (P) 0.8852; (R1) 0.8903; More…
USD/CHF dips notably today but stays in established range below 0.8956. Intraday bias remains neutral at this point. With 0.8800 support intact, further rally is still in favor. On the upside, break of 0.8956 will resume the rally from 0.8374, and target 0.9223 key resistance next. However, firm break of 0.8800 will confirm short term topping and turn bias back to the downside for 55 D EMA (now at 0.8731).
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.
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