Daily Pivots: (S1) 0.7746; (P) 0.7767; (R1) 0.7782; More….
USD/CHF’s break of 0.7713 support suggests that corrective rebound from 0.7603 has already completed at 0.7816. Intraday bias is back on the downside for retesting 0.7603 first. 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. 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 0.8152) holds.
