Daily Pivots: (S1) 0.7679; (P) 0.7709; (R1) 0.7732; More….
USD/CHF recovers mildly today as consolidation pattern from 0.7603 continues. Intraday bias stays neutral for the moment. Stronger rebound cannot be ruled out but upside should be limited by 55 D EMA (now at 0.7849) to complete the pattern. On the downside, break of 0.7603 will resume larger down trend, and target 0.7382 projection level next.
In the bigger picture, 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 0.8123 resistance holds.
 to complete the pattern. On the downside, break of 0.7603 will resume larger down trend, and target 0.7382 projection level next.){kind=link}