Daily Pivots: (S1) 0.8106; (P) 0.8149; (R1) 0.8233; More…
USD/CHF’s break of 0.8196 minor resistance suggests short term bottoming at 0.8038, on bullish convergence condition in 4H MACD. Intraday bias is back on the upside for stronger recovery to 38.2% retracement of 0.9200 to 0.8038 at 0.8482. Strong resistance should be seen there to limit upside. On the downside, break of 0.8038 will resume larger down trend.
In the bigger picture, long term down trend from 1.0342 (2017 high) is still in progress and met 61.8% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.8079 already. In any case, outlook will stay bearish as long as 55 W EMA (now at 0.8794) holds. Sustained break of 0.8079 will target 100% projection at 0.7382.
