USD/CHF Daily Analysis
Following a brief consolidation, the rally in USD/CHF has resumed. The intraday bias is now favoring the upside towards the 38.2% retracement level of 1.0146 to 0.9058 at 0.9474. This level may provide strong resistance to complete the rebound from 0.9058. If the 0.9340 minor support level is broken, the bias will turn back to the downside. However, if there is a decisive break of 0.9474, it will have larger bullish implications and target the 61.8% retracement level at 0.9730.
Looking at the bigger picture, the decline from 1.0146 is considered as part of a long-term sideways pattern. As long as the 38.2% retracement level of 1.0146 to 0.9058 at 0.9474 holds, another fall towards 0.9058 is likely. However, sustained trading above 0.9474 will indicate that the medium-term trend has reversed and may open up further rally towards the 61.8% retracement level at 0.9730 and above.
