USD/CHF Daily Analysis
USD/CHF’s break of 1.0030 minor resistance indicates that pull back from 1.0146 has completed at 0.9840. Intraday bias is back on the upside for retesting 1.0146 first. A firm break there will resume a larger up trend to the 1.0283 projection level. However, the break of 0.9840 support will now be a sign of reversal and bring a deeper decline back to 0.9779 support instead.
In the bigger picture, current development suggests that the up trend from 0.8756 (2021 low) is still in progress. The next target is a 100% projection of 0.9149 to 1.0063 from 0.9369 at 1.0283, and then 1.0342 (2016 high). For now, this will remain the favored case as long as 0.9779 support holds, even in case of deep pullback.
