Daily Pivots: (S1) 0.7801; (P) 0.7816; (R1) 0.7835; More….
Intraday bias in USD/CHF is turned neutral first with current recovery. Some consolidations would be seen and further decline is expected as long as 0.7933 resistance holds. Below 0.7789 will resume the fall from 0.8041 to 61.8% retracement of 0.7603 to 0.8041 at 0.7770. Decisive break there will target a retest on 0.7603 low.
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).
