Daily Pivots: (S1) 0.9219; (P) 0.9273; (R1) 0.9373
USD/CHF rises to as high as 0.9333 so far and the break of upper channel resistance suggests acceleration. Intraday bias remains on the upside for the moment. Current rally should target 161.8% projection of 0.8702 to 0.9036 from 0.8855 at 0.9395 next. On the downside, below 0.9294 minor support will turn bias neutral and bring consolidation first. But retreat should be contained above 0.9175 support and bring another rally.
In the bigger picture, price actions from 0.9971 are viewed as a correction pattern. The break of 0.9156 resistance confirmed medium term reversal. That is, such correction could have completed. Further rise should be seen back to retest 0.9971 high next. On the downside, break of 0.9114 support is needed to be the first signal of reversal. Otherwise, outlook will stay bullish in case of pull back.
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