Daily Pivots: (S1) 0.7815; (P) 0.7840; (R1) 0.7886; More….
USD/CHF’s rebound from 0.7603 is resuming by breaking 0.7877 resistance. Intraday bias is back on the upside and further rise should be seen to 0.8039 resistance next. On the downside, though, break of 0.7746 support will turn bias back to the downside for retesting 0.7603 low instead.
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. However, break of 0.7603 will resume the down trend to 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382.
