Daily Pivots: (S1) 0.8787; (P) 0.8810; (R1) 0.8853; More…
USD/CHF’s rebound from 0.8735 continues today and intraday bias stays on the upside. As noted before, corrective fall from 0.8956 could have completed at 0.8735 after hitting 55 D EMA. Further rally is in expected to retest 0.8956 high first. Firm break there will resume the whole rise from 0.8374. This will remains the favored case as long as 0.8735 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, with rise from 0.8374 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.
