Daily Pivots: (S1) 0.9170; (P) 0.9185; (R1) 0.9196; More….
USD/CHF drops slightly today but stays above 4 hour 55 EMA (now at 0.9136). Intraday bias remains neutral first. On the upside, break of 0.9237 will resume the rise form 0.8925 to 61.8% retracement of 0.9471 to 0.8925 at 0.9262. Sustained break there will pave the way to retest 0.9471 resistance. On the downside, however, sustained break of 4 hour 55 EMA (now at 0.9136) 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.