Daily Pivots: (S1) 0.8078; (P) 0.8094; (R1) 0.8120; More…
There is no clear sign of topping in USD/CHF yet despite loss of momentum as seen in 4H MACD> Further rise would be seen to 100% projection of 0.7828 to 0.8075 from 0.7872 at 0.8119. Break there will extend the corrective rally from 0.7828 to 138.2% projections at 0.8213. Nevertheless, break of 0.8066 will turn bias to the downside for 55 4H EMA (now at 0.8022).
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).
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