USD/CHF Daily Analysis
With the current retreat, a short-term top could be formed at 0.9851 in USD/CHF already, just ahead of the medium-term projection level at 0.9864. Intraday bias is turned neutral for some consolidations first. Downside should be contained by 38.2% retracement of 0.9193 to 0.9851 at 0.9600. On the upside, a firm break of 0.9864 will bring up trend resumption.
In the bigger picture, the downtrend from 1.0342 (2016 high) should have been completed with three waves down to 0.8756 (2021 low) already. The rise from 0.8756 is likely a medium-term uptrend of its own. Next target is 100% projection of 0.8756 to 0.9471 from 0.9149 at 0.9864. A sustained break there will pave the way back to 1.0342 high. This will now remain the favored case as long as 0.9459 resistance turned support holds.
