USD/CHF retreated sharply after edging higher to 0.8150, but stays above 0.8029 support. Intraday bias is turned neutral for some consolidations, and further rally is expected. Break of 0.8150 will resume the rise from 0.7660 and target 100% projection 0.7603 to 0.8041 from 0.7600 at 0.8198.
In the bigger picture, while a medium term bottom was formed at 0.7603, it’s still early to call for bullish trend reversal. As long as 38.2% retracement of 0.9200 (2025 high) to 0.7603 at 0.8213 holds, the larger down trend could still continue through 0.7603 at a later stage. However, firm break of 0.7603 will argue that the trend has reversed and turn focus to 0.8332 support turned resistance (2023 low) for confirmation.
