Daily Pivots: (S1) 0.7924; (P) 0.7942; (R1) 0.7972; More….
Immediate focus is now on 0.7957 resistance in USD/CHF as rebound from 0.7833 extends. Firm break there will resume the rise from 0.7603, as correction to the downtrend from 0.9200, and target 38.2% retracement of 0.9200 to 0.7603 at 0.8213. For now, further rise is expected as long as 0.7833 support holds, in case of another retreat.
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 0.8085) 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.
