The daily pivots for USD/CHF are as follows: (S1) 0.9121; (P) 0.9138; (R1) 0.9167. The intraday bias for USD/CHF remains neutral with potential for more sideways trading. A further rally is expected as long as the support at 0.8996 holds. If the resistance at 0.9151 is broken, it will likely lead to a continuation of the upward trend from 0.8332 to the resistance at 0.9243. However, a decisive break of the support at 0.8996 could shift the bias to the downside towards the 55-day EMA at 0.8953.
Looking at the bigger picture, the price actions from the medium term bottom at 0.8332 are forming a corrective pattern to the downtrend from the 2022 high of 1.0146. Further upward movement is expected as long as the support at 0.8728 holds. However, the upside is likely to be capped by the resistance at 0.9243, at least initially. A clear break above 0.9243 would indicate a reversal of the trend and a bullish medium-term outlook for USD/CHF.