Daily Pivots: (S1) 0.7801; (P) 0.7867; (R1) 0.7906; More….
USD/CHF’s fall from 0.8041 resumed by breaking through 0.7853 temporary low and intraday bias is back on the downside. Rebound from 0.7603 should have completed. Deeper decline should be seen to 61.8% retracement of 0.7603 to 0.8041 at 0.7770 . Firm break there will bring retest of 0.7603 low. For now, risk will stay on the downside as long as 0.7933 resistance holds, in case of recovery.
In the bigger picture, rebound from 0.7603 medium term bottom is seen as correcting the fall from 0.9200 only. Rejection by 55 W EMA (now at 0.8071) will affirm this bearish case, and 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. Though, sustained break of 55 W EMA will suggest that it’s probably correcting the larger scale down trend from 1.0146 (2022 high).
