USD/CHF Daily Analysis
The USD/CHF intraday bias is currently bullish, targeting the 38.2% retracement level of 1.0146 to 0.9058 at 0.9474. A decisive break above this level would have larger bullish implications and target the 61.8% retracement level at 0.9730. On the downside, a break of the 0.9289 resistance turned support level is necessary to indicate the completion of the rebound. Otherwise, a further rally will remain favorable in case of a retreat.
In the bigger picture, the decline from 1.0146 is viewed 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 is expected towards 0.9058. However, sustained trading above 0.9474 will indicate that the medium-term trend has reversed, potentially leading to a further rally towards the 61.8% retracement level at 0.9730 and beyond.
