Daily Pivots: (S1) 0.7736; (P) 0.7754; (R1) 0.7777; More….
USD/CHF recovered after hitting 55 4H EMA, but stays below 0.7771 temporary top. Intraday bias remains neutral first. Consolidation pattern from 0.7603 could extend further. In case of stronger rise, upside upside should be limited by 55 D EMA (now at 0.7834) to complete the pattern. On the downside, below 0.7627 will bring retest of 0.7603. Firm break there will resume larger down trend, and target 0.7382 projection level next. However, sustained break of 55 D EMA will indicate that a larger scale corrective bounce in underway and target 0.8039 resistance 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, below 0.7627 will bring retest of 0.7603. Firm break there will resume larger down trend, and target 0.7382 projection level next. However, sustained break of 55 D EMA will indicate that a larger scale corrective bounce in underway and target 0.8039 resistance next.){kind=link}