Daily Pivots: (S1) 0.8079; (P) 0.8106; (R1) 0.8150; More….
USD/CHF rebounded after drawing support from 55 4H EMA a few times, but stays below 0.8170 resistance. Intraday bias remains neutral first. ON the upside, firm break of 0.8710 will resume the corrective from 0.7871. Intraday bias will be back on the upside for 38.2% retracement of 0.9200 to 0.7871 at 0.8379. On the downside, though, break of 0.8020 will revive that case that the corrective pattern has completed, and target a retest on 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.
