Daily Pivots: (S1) 0.8133; (P) 0.8153; (R1) 0.8184; More….
USD/CHF’s rebound from 0.8054 extended higher today but stays below 0.8247 resistance. Intraday bias remains neutral. On the upside, break of 0.8247 resistance will argue that corrective pattern from 0.8038 is starting the third leg. Bias will be turned back to the upside for 0.8475 resistance again. On the downside, below 0.8152 minor support will bring retest of 0.8054 first. Further break of 0.8038 will resume larger down trend. Next target will be 61.8% projection of 0.9200 to 0.8038 from 0.8475 at 0.7757.
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 0.8656) holds. Sustained break of 0.8079 will target 100% projection at 0.7382.
