Daily Pivots: (S1) 0.8038; (P) 0.8056; (R1) 0.8067; More…
USD/CHF’s fall from 0.8123 accelerates lower today. Break of 55 D EMA (now at 0.8008) suggests that corrective rebound from 0.7828 has completed with three waves up to 0.8123. Intraday bias is back on the downside for 0.7872 support. Firm break there will argue that larger down trend is ready to resume 0.7828 low. For now, risk will stay on the downside as long as 0.8123 resistance holds, in case of recovery.
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).
 suggests that corrective rebound from 0.7828 has completed with three waves up to 0.8123. Intraday bias is back on the downside for 0.7872 support. Firm break there will argue that larger down trend is ready to resume 0.7828 low. For now, risk will stay on the downside as long as 0.8123 resistance holds, in case of recovery.){kind=link}