Daily Pivots: (S1) 0.8019; (P) 0.8046; (R1) 0.8064; More…
Intraday bias in USD/CHF is back on the downside with break of 55 D EMA (now at 0.8015). Rebound from 0.7877 could have completed at 0.8101 already, and deeper fall would be seen back to this support. Overall, price actions from 0.7828 low are seen as a corrective pattern. Firm break of 0.7877 will argue that larger down trend is ready to resume. On the upside, above 0.8046 minor resistance will turn intraday bias neutral again.
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).
. Rebound from 0.7877 could have completed at 0.8101 already, and deeper fall would be seen back to this support. Overall, price actions from 0.7828 low are seen as a corrective pattern. Firm break of 0.7877 will argue that larger down trend is ready to resume. On the upside, above 0.8046 minor resistance will turn intraday bias neutral again.){kind=link}