Daily Pivots: (S1) 0.7659; (P) 0.7705; (R1) 0.7737; More….
USD/CHF jumps sharply today, but upside is still limited below 0.7816 resistance, as well as 55 D EMA (now at 0.7818). Intraday bias stays neutral first, and further decline is till expected. Below 0.7671 will bring retest of 0.7603 low. Firm break there will resume larger down trend, and target 0.7382 projection level next. However, sustained break of 55 D EMA will indicate that a larger scale corrective bounce in underway and target 0.8039 resistance next.
In the bigger picture, 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 0.8123 resistance holds.
. Intraday bias stays neutral first, and further decline is till expected. Below 0.7671 will bring retest of 0.7603 low. Firm break there will resume larger down trend, and target 0.7382 projection level next. However, sustained break of 55 D EMA will indicate that a larger scale corrective bounce in underway and target 0.8039 resistance next.){kind=link}