Daily Pivots: (S1) 0.7775; (P) 0.7827; (R1) 0.7870; More….
Intraday bias in USD/CHF stays mildly on the upside at this point. Rebound from 0.7603 is seen as correcting the whole fall from 0.9022. Further rise should be seen to 161.8% projection of 0.7603 to 0.7816 from 0.7671 at 0.8016. On the downside, though, below 0.7777 minor support will turn bias neutral again first.
In the bigger picture, a medium term bottom could be in place at 0.7603 on bullish convergence condition in D MACD, Firm break of 0.8039 resistance will argue that it’s at least correcting the down trend from 0.9002. Stronger rebound would then be seen to 38.2% retracement of 0.9200 to 0.7603 at 0.8213.
