Daily Pivots: (S1) 0.7550; (P) 0.7667; (R1) 0.7730; More….
Intraday bias in USD/CHF remains on the downside at this point. Current fall is part of the long term down trend and should target 0.7382 projection level next. On the upside, above 0.7729 minor resistance will turn intraday bias neutral again. But recovery should be limited by 0.7860 support turned resistance and bring another fall.
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.
