Daily Pivots: (S1) 0.8878; (P) 0.8890; (R1) 0.8909; More…
Intraday bias in USD/CHF is back on the upside with break of 0.8914 support turned resistance. Further rally should be seen to 55 D EMA (now at 0.8967) and possibly above. But still, break of 0.9049 resistance is needed to confirm that fall from 0.9223 has completed. Otherwise, risk will stay on the downside for another fall at a later stage.
In the bigger picture, with 0.9243 resistance intact, medium term outlook in USD/CHF is neutral at best. For now, more sideway trading is likely between 0.8332/9243. However, firm break of 0.9243 will indicate larger bullish trend reversal.
