Daily Pivots: (S1) 0.7855; (P) 0.7927; (R1) 0.7985; More….
USD/CHF recovered after drawing support from 0.7877 cluster support (38.2% retracement of 0.7603 to 0.8041 at 0.7874). Intraday bias stays neutral first with price actions from 0.8041 seen as a consolidation pattern. With 0.7874/7 intact, rally from 0.7603 is expected to resume through 0.8041 later. However, decisive break of 0.7874/7 will argue that the rise has completed, and bring deeper fall to 61.8% retracement at 0.7770 and below.
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).
. Intraday bias stays neutral first with price actions from 0.8041 seen as a consolidation pattern. With 0.7874/7 intact, rally from 0.7603 is expected to resume through 0.8041 later. However, decisive break of 0.7874/7 will argue that the rise has completed, and bring deeper fall to 61.8% retracement at 0.7770 and below.){kind=link}