Daily Pivots: (S1) 0.8105; (P) 0.8130; (R1) 0.8148; More….
USD/CHF fell sharply after brief surge to 0.8170. Intraday bias is turned neutral first. On the downside, sustained break of 55 4H EMA (now at 0.8043) will argue that rebound from 0.7871 has completed as a three-wave correction. Deeper fall should then be seen back to 0.7871/7910 support zone. Nevertheless, break of 0.8170 will resume the rise to 38.2% retracement of 0.9200 to 0.7871 at 0.8379.
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.
 will argue that rebound from 0.7871 has completed as a three-wave correction. Deeper fall should then be seen back to 0.7871/7910 support zone. Nevertheless, break of 0.8170 will resume the rise to 38.2% retracement of 0.9200 to 0.7871 at 0.8379.){kind=link}