Daily Pivots: (S1) 0.7773; (P) 0.7848; (R1) 0.7891; More….
USD/CHF’s break of 0.7830 support suggests that rebound from 0.7774 has completed at 0.7923 already. Intraday bias is back on the downside for 0.7774 and then 61.8% projection of 0.8041 to 0.7774 from 0.7923 at 0.7758. Firm break there will target 100% projection at 0.7656. For now, risk will stay on the downside as long as 0.7923 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 0.8053) 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).
