Daily Pivots: (S1) 0.7972; (P) 0.7998; (R1) 0.8043; More….
Intraday bias in USD/CHF stays neutral first. Strong resistance could still be seen from 0.8054 to complete the corrective bounce from 0.7871. Below 0.7952 will bring retest of 0.7871 first. Firm break there will extend the larger down trend. However, decisive break of 0.8054 will bring stronger rebound to 55 D EMA (now at 0.8154) instead.
In the bigger picture, long term down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 0.8475 resistance holds.
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