Daily Pivots: (S1) 0.7941; (P) 0.7953; (R1) 0.7975; More…
Intraday bias in USD/CHF remains neutral for the moment. As noted before, corrective rebound from 0.7828 could have completed with three waves up to 0.8123. Break of 0.7872 support will pave the way through 0.7828 to resume the larger down trend. Next near term target is 38.2% projection of 0.9200 to 0.7828 from 0.8123 at 0.7599. However, sustained break of 55 4H EMA (now at 0.7984) will mix up the outlook.
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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