USD/CHF Daily Analysis
Range trading continues in USD/CHF and intraday bias remains neutral first. On the upside, a break of 0.9650, and sustained trading above 55 days EMA (now at 0.9647) will raise the chance that a corrective pattern from 1.0063 has been completed. The further rally should then be seen to 0.9884 resistance next. However, a decisive break of 0.9471 support will carry a larger bearish implication.
In the bigger picture, the medium-term up trend from 0.8756 (2021 low) is still in progress. On resumption, the next target is 1.0342 (2016 high). Sustained break there will resume long term up trend from 0.7065 (2011 low). This will remain the favored case as long as 0.9471 resistance turned support holds. However, a firm break of 0.9471 will raise the chance that such an up trend is over.
