Daily Pivots: (S1) 0.7941; (P) 0.7954; (R1) 0.7968; More….
USD/CHF dipped after rejection by 55 4H EMA but stays above 0.7871 support. Intraday bias remains neutral for the moment. Consolidations could extend and another rise cannot be ruled out. But , upside should be limited by 0.8054 support turned resistance to bring another fall. Below 0.7871 will extend the larger down trend to 61.8% projection of 0.9200 to 0.8038 from 0.8475 at 0.7757. Firm break there will pave the way to 100% projection at 0.7313 next.
In the bigger picture, long term down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 0.8475 resistance holds.
