Daily Pivots: (S1) 0.7974; (P) 0.8007; (R1) 0.8068; More….
Intraday bias in USD/CHF remains on the upside for the moment. Price actions from 0.7871 are still seen as a corrective pattern. Further rise would be seen to 55 D EMA (now at 0.8107), but upside should be limited there. On the downside, below 0.7910 support will bring retest of 0.7871 low. However, sustained trading above 55 D EMA will indicate medium term bottoming, and target 0.8475 resistance next.
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.
, but upside should be limited there. On the downside, below 0.7910 support will bring retest of 0.7871 low. However, sustained trading above 55 D EMA will indicate medium term bottoming, and target 0.8475 resistance next.){kind=link}