Daily Pivots: (S1) 0.7736; (P) 0.7777; (R1) 0.7839; More….
USD/CHF’s rebound from 0.7603 short term bottom is still in progress. Intraday bias stays mildly on the upside for 55 D EMA (now at 0.7912). On the downside, below 0.7713 minor support will bring retest of 0.7603. Firm break there will resume larger down trend to 0.7382 projection level next.
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 0.8166) holds.
. On the downside, below 0.7713 minor support will bring retest of 0.7603. Firm break there will resume larger down trend to 0.7382 projection level next.){kind=link}