Daily Pivots: (S1) 0.7775; (P) 0.7827; (R1) 0.7870; More….
A temporary top is formed at 0.7877 with current retreat. Intraday bias in USD/CHF is turned neutral first. Further rise is expected as long as 0.7671 support holds. Rebound from 0.7603 is seen as correcting the whole fall from 0.9022. Above 0.76877 will target 0.8039 resistance next.
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.
