Daily Pivots: (S1) 0.7859; (P) 0.7888; (R1) 0.7921; More….
Intraday bias in USD/CHF stays neutral at this point. On the downside, sustained trading below 0.7877 cluster support (38.2% retracement of 0.7603 to 0.8041 at 0.7874) will argue that the rise from 0.7603 has completed, and bring deeper fall to 61.8% retracement at 0.7770 and below. Nevertheless, firm break of 0.7925 minor resistance will turn bias back to the upside for retesting 0.8041.
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 0.8071) will affirm this bearish 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).
 will argue that the rise from 0.7603 has completed, and bring deeper fall to 61.8% retracement at 0.7770 and below. Nevertheless, firm break of 0.7925 minor resistance will turn bias back to the upside for retesting 0.8041.){kind=link}