Daily Pivots: (S1) 0.8968; (P) 0.8979; (R1) 0.9000; More…
Intraday bias in USD/CHF remains mildly on the upside at this point. Fall from 0.9223 could have completed a three-wave corrective move to 0.8825. Intraday bias is back on the upside for channel resistance (now at 0.9039). Firm break there will target 0.9157 resistance next. On the downside, below 0.8956 minor support will turn intraday bias neutral gain first.
In the bigger picture, price actions from 0.8332 medium term bottom are seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Rejection by 0.9243 resistance affirms this case, and maintains medium term bearishness. While more range trading could be seen between 0.8332/0.9243 first, downside break out is mildly in favor at a later stage.
