Daily Pivots: (S1) 0.8026; (P) 0.8104; (R1) 0.8169; More…
Further decline is expected in USD/CHF with 0.8196 resistance intact. Current down trend should target 200% projection of 0.9196 to 0.8757 from 0.8854 at 0.7976 next. Nevertheless, considering bullish convergence condition in 4H MACD, break of 0.8196 will indicate short term bottoming, and turn bias back to the upside for stronger rebound.
In the bigger picture, the break of 0.8332 (2023 low) confirms resumption of long term down trend from 1.0342 (2017 high). Next target is 61.8% projection of 1.0146 (2022 high) to 0.8332 from 0.9196 at 0.8075. Firm break there will target 100% projection at 0.7382. In any case, outlook will now stay bearish as long as 55 W EMA (now at 0.8794) holds.
