USD/CHF Daily Analysis
A short-term top is in place at 1.0063 on bearish divergence condition in 4-hour MACD. Intraday bias in USD/CHF is now mildly on the downside for a 38.2% retracement of 0.9193 to 1.0063 at 0.9731. For now, risk will stay mildly on the downside as long as the 1.0063 resistance holds, in case of recovery.
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 161.8% projection of 0.8756 to 0.9471 from 0.9149 at 1.0306, which is close to 1.0342 (2016 high). This will remain the favored case as long as 0.9459 resistance turned support holds.
