Daily Pivot: (S1) 0.9037; (P) 0.9078; (R1) 0.9105; more…
USD/CHF’s intraday bias remains mid-neutral as the consolidation continues, with further gains expected as the 0.9013 support remains intact. . A rise from the short-term bottom of 0.8818 is expected to correct the overall downtrend from 1.0146. Above 0.9146, the target is a 38.2% retracement from 1.0146 to 0.8818 to 0.9325. However, on the downside, a break of 0.9013 will turn the bias back to the downside and instead retest the 0.8818 lows.
To put it into perspective, the drop from 1.1046 (2022 high) appears to be a leg in a long-term range pattern from 1.0342 (2016 high), which has already completed at 0.8818 just before the long-term support at 0.8756. there is a possibility. A sustained trade above the 0.9058 support will turn into resistance and confirm a medium-term bottom. A further break above 0.9439 resistance will confirm a bullish trend reversal.
