Daily Pivots: (S1) 0.7988; (P) 0.8008; (R1) 0.8040; More…
USD/CHF’s rise from 0.7828 is still in progress and intraday bias stays on the upside. Sustained trading above 55 D EMA (now at 0.8004) will suggest that rise from 0.7828 is already correcting whole fall from 0.9200. Further rally should the be seen to 0.8170 resistance and possibly above. For now, risk will stay on the upside as long as 0.7944 support holds, in case of retreat.
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 0.8332 support turned resistance holds (2023 low).
 will suggest that rise from 0.7828 is already correcting whole fall from 0.9200. Further rally should the be seen to 0.8170 resistance and possibly above. For now, risk will stay on the upside as long as 0.7944 support holds, in case of retreat.){kind=link}