USD/CHF Daily Analysis
The USD/CHF intraday bias is currently neutral and consolidating below a temporary top of 0.9428. If this level is broken, the rebound from 0.9058 will continue, but a strong resistance is expected at 0.9474 (38.2% retracement of 1.0146 to 0.9058), which may limit upside. If the 0.9289 resistance turns into support, it will suggest the rebound is complete and the bias may turn to the downside. A decisive break of 0.9474, however, will carry larger bullish implications and target the 61.8% retracement at 0.9730.
Looking at the bigger picture, the decline from 1.0146 is part of a long-term sideways pattern. If the 38.2% retracement of 1.0146 to 0.9058 at 0.9474 holds, another fall is expected through 0.9058. However, sustained trading above 0.9474 will indicate a medium-term trend reversal and open up the possibility of further rally to the 61.8% retracement at 0.9730 and beyond.
