Daily Pivots: (S1) 0.8045; (P) 0.8076; (R1) 0.8092; More…
Intraday bias in USD/CHF remains on neutral for the moment. On the upside, firm break of 0.8123 will extend the corrective rally from 0.7828 to 138.2% projection of 0.7828 to 0.8075 from 0.7872 at 0.8213. On the downside, sustained break of 55 D EMA (now at 0.8007) will argue that the corrective bounce has completed and bring retest of 0.7828 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 0.8332 support turned resistance holds (2023 low).
 will argue that the corrective bounce has completed and bring retest of 0.7828 low.){kind=link}