Daily Pivots: (S1) 0.9135; (P) 0.9160; (R1) 0.9204; More....
USD/CHF retreats after jumping to as high as 0.9269 earlier today. But intraday bias remains on the upside for 0.9334 resistance. As noted before, consolidation pattern from 0.9334 is finished and rebound from 0.8930 is resuming. Break of 0.9334 will pave the way back to 0.9594 high. On the downside, below 0.9173 minors support will dampen the immediate bullish view and turn bias neutral again.
In the bigger picture, we're treating rebound from 0.7065 medium term bottom as part of a consolidation pattern. Recent price actions mixed up the outlook and raised the odds for another high above 0.9594 before such rebound completes. But even in that case, upside should be limited by 0.9916 resistance (61.8% retracement of 1.1730 to 0.7065 at 0.9948). Meanwhile, below 0.8930 will revive the case that such rebound is already completed. Further break of 0.8567 will confirm the bearish case and should at least push USD/CHF lower for 61.8% retracement of 0.7065 to 0.9594 at 0.8031 and below.
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