Daily Pivots: (S1) 0.8022; (P) 0.8050; (R1) 0.8090; More….
USD/CHF’s corrective bounce from 0.7871 might extend higher. But upside should be limited by 55 D EMA (now at 0.8105). On the downside, below 0.8023 minor support will turn intraday bias neutral first. However, sustained trading above 55 D EMA will indicate medium term bottoming, and target 0.8475 resistance 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.
. On the downside, below 0.8023 minor support will turn intraday bias neutral first. However, sustained trading above 55 D EMA will indicate medium term bottoming, and target 0.8475 resistance next.){kind=link}