Daily Pivots: (S1) 0.7937; (P) 0.7959; (R1) 0.7972; More….
USD/CHF’s extended rebound and break of 0.7990 minor resistance suggests that corrective pattern from 0.7871 is extending with the third leg. Intraday bias is back on the upside for 0.8063 resistance and possibly above. But upside should be limited by 55 D EMA (now at 0.8108). On the downside, below 0.7910 support will bring retest of 0.7871 low.
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.
. On the downside, below 0.7910 support will bring retest of 0.7871 low.){kind=link}