Daily Pivots: (S1) 0.9190; (P) 0.9214; (R1) 0.9260; More….

A temporary top is formed at 0.9237 in USD/CHF with current retreat and intraday bias is turned neutral first. Further rally is expected as long as 4 hour 55 EMA (now at 0.9073) holds. On the upside, above 0.9237 will target 61.8% retracement of 0.9471 to 0.8925 at 0.9262. Sustained break there will pave the way to retest 0.9471 resistance. Though, firm break of 4 hour 55 EMA will bring retest of 0.8925 low instead.

In the bigger picture, medium term bearishness is neutralized by strong break of 55 week EMA. Focus is back on 0.9471 resistance. Sustained break there will indicate completion of whole decline from 1.0342 (2016 high). Medium term outlook will be turned bullish for a test on 1.0342 high.

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