Daily Pivots: (S1) 0.7736; (P) 0.7765; (R1) 0.7799; More….
USD/CHF’s fall resumes after brief consolidations and intraday bias is back on the downside. Current fall is part of the long term down trend and should target 0.7382 projection level next. On the upside, above 0.7283 minor resistance will turn intraday bias neutral again first. But outlook will continue to stay bearish as long as 0.7860 support turned resistance holds, in case of another recovery.
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.
