USD/CHF Daily Analysis
USD/CHF’s rise from 0.9369 is still extending, and the break of the 55-day EMA is a bullish signal. Intraday bias stays on the upside with a focus on 0.9648 resistance. A firm break there will argue that the whole corrective pattern from 1.0063 has been completed, and bring a stronger rally back to 0.9884 resistance next. On the downside, below 0.9551 minor support will revive near-term bearishness and bring a retest of 0.9369 low.
In the bigger picture, while 0.9471 support (2021 high) was breached, there was no follow-through selling. Outlook is mixed for now. On the upside, a firm break of 0.9648 resistance will revive the case that price actions from 1.0063 are just a corrective pattern, and the larger up trend is not over yet. However, another fall through 0.9369 will affirm the case that the medium-term up trend from 0.8756 has completed with three waves up to 1.0063.
