Daily Pivots: (S1) 0.7759; (P) 0.7801; (R1) 0.7829; More….
Intraday bias in USD/CHF remains mildly on the downside at this point. Fall from 0.8041 is in progress. Firm break of 61.8% projection of 0.8041 to 0.7774 from 0.7923 at 0.7758 will target 100% projection at 0.7656. On the upside, above 0.7847 minor resistance will turn bias neutral again.
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 0.8042) 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).
