Daily Pivots: (S1) 0.8027; (P) 0.8048; (R1) 0.8069; More…
USD/CHF is still bounded in consolidations below 0.8101 and intraday bias remains neutral. Outlook is unchanged that current rise from 0.7877 is still seen as the third leg of the corrective pattern from 0.7828 low. Above 0.8101 will target 0.8123 resistance, and then 138.2% projection of 0.7828 to 0.8075 from 0.7877 at 0.8218. However, sustained break of 55 D EMA (now at 0.8015) will bring deeper fall back to 0.7877 support instead.
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 bring deeper fall back to 0.7877 support instead.){kind=link}