Daily Pivots: (S1) 0.9111; (P) 0.9133; (R1) 0.9171; More…
USD/CHF dips notably today but outlook is unchanged. Intraday bias stays neutral, and more consolidations could be seen. Outlook will stay bullish as long as 0.9007 support holds. On the upside, decisive break of 0.9223 will carry larger bullish implications. However, break of 0.9007 will confirm short term topping, and turn bias back to the downside for 55 D EMA (now at 0.8944).
In the bigger picture, as long as 0.9223 resistance holds, price actions from 0.8332 (2023 low) are seen as a medium term corrective pattern. That is, long term down trend is in favor to resume through 0.8332 at a later stage. However, sustained break of 0.9223 will be an important sign of bullish trend reversal.
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