Daily Pivots: (S1) 0.7962; (P) 0.7987; (R1) 0.8002; More….
USD/CHF’s fall from 0.8041 resumed by breaking through 0.7904. Immediate focus is now on 0.7877 cluster support (38.2% retracement of 0.7603 to 0.8041 at 0.7874). Decisive break there will argue that whole rise from 0.7603 as completed, and bring deeper fall to 61.8% retracement at 0.77706 and below. Nevertheless, strong bounce from 0.7874/7 will retain near term bullishness for another rise through 0.8041 at a later stage.
In the bigger picture, rebound from 0.7603 medium term bottom is seen as correcting the fall from 0.9200 only. rejection by 55 W EMA (now at 0.8081) will affirm this case, and setup down trend resumption to 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382 at a later stage. Though, sustained break of 55 W EMA will suggest that it’s probably correcting the larger scale down trend from 1.0146 (2022 high).
. Decisive break there will argue that whole rise from 0.7603 as completed, and bring deeper fall to 61.8% retracement at 0.77706 and below. Nevertheless, strong bounce from 0.7874/7 will retain near term bullishness for another rise through 0.8041 at a later stage.){kind=link}