Daily Pivots: (S1) 0.8659; (P) 0.8694; (R1) 0.8737; More….
USD/CHF’s break of 0.8632 minor support suggests initial rejection by 38.2% retracement of 0.9243 to 0.8332 at 0.8680 and 55 D EMA (now at 0.8686). Intraday bias is back on the downside for 0.8487 support. On the upside, though, break of 0.8727, and sustained trading above 0.8680 will turn near term outlook bullish for 61.8% retracement 0.8995.
In the bigger picture, while rebound from 0.8332 could be strong, there is no clear sign of medium term bottoming yet. This rebound is tentatively seen as a corrective move for now. Also, outlook will stay bearish as long as 0.9243 resistance holds. Larger down trend from 1.0146 (2022 high) should resume through 0.8332 low at a later stage.
