Daily Pivots: (S1) 0.7920; (P) 0.7939; (R1) 0.7971; More…
USD/CHF’s rebound from 0.7828 resumed by breaking through 0.7971 resistance today, and intraday bias is back on the upside. Firm break of 0.8006 resistance will argue that fall from 0.8170 has completed as a five-waver at 0.7828. USDCHF should then be in larger scale corrective bounce and should target 0.8170 resistance next. For now, risk will stay on the upside as long as 0.7908 support holds, in case of retreat.
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 0.8332 support turned resistance holds (2023 low).
