Daily Pivots: (S1) 0.7866; (P) 0.7893; (R1) 0.7939; More….
A temporary top is in place at 0.7921 in USD/CHF and intraday bias is turned neutral first. Some consolidations would be seen but further rally is in favor as long as 0.7746 support holds. Rise from 0.7603 is seen as correcting whole down trend from 0.9200. Break of 0.7921 will target 38.2% retracement of 0.9200 to 0.7603 at 0.8213.
In the bigger picture, a medium term bottom should be in place at 0.7603 on bullish convergence condition in D MACD. Rebound from there is seen as correcting the fall from 0.9200 only. However, decisive break of 55 W EMA (now at 0.8091) will suggest that it’s probably correcting the larger scale down trend from 1.0146 (2022 high). On the other hand, rejection by the 55 W EMA will setup down trend resumption to 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382 at a later stage.
