Daily Pivots: (S1) 0.7736; (P) 0.7765; (R1) 0.7799; More….
Intraday bias in USD/CHF is turned neutral with 4H MACD crossed above signal line, and some consolidations would be seen. But upside of recovery should be limited by 0.7860 support turned resistance. On the downside, break of 0.7729 will resume larger down trend to 0.7382 projection level.
In the bigger picture, larger down trend from 1.0342 (2017 high) is still in progress and resuming. 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 55 W EMA (now at 0.8184) holds.
