USD/CHF’s rally continues today and intraday bias remains on the upside. Break of 0.8041 confirms resumption of the rise from 0.7603. Next target is 100% projection 0.7603 to 0.841 from 0.7600 at 0.8198. On the downside, below 0.8012 resistance turned support will turn intraday bias neutral and bring consolidations first before staging another rise.
In the bigger picture, while a medium term bottom was formed at 0.7603, it’s still early to call for bullish trend reversal. As long as 38.2% retracement of 0.9200 (2025 high) to 0.7603 at 0.8213 holds, the larger down trend could still continue through 0.7603 at a later stage. However, firm break of 0.7603 will argue that the trend has reversed and turn focus to 0.8332 support turned resistance (2023 low) for confirmation.
