USD/CHF’s extended decline today suggests that rebound form 0.7760 has completed at 0.7960. Fall from 0.8041 is still in progress. Intraday bias is back on the downside for retesting 0.7760 first. Firm break there will target 61.8% projection of 0.8041 to 0.7774 from 0.7906 at 0.7741. For now, risk will stay on the downside as long as 0.7906 holds, in case of recovery .
In the bigger picture, as long as 55 W EMA (now at 0.8028) holds, fall from 0.9200 is expected to continue, as part of the larger down trend. Firm break of 0.7603 will target 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382.
