Daily Pivots: (S1) 0.7708; (P) 0.7721; (R1) 0.7744; More….
USD/CHF’s outlook is unchanged and intraday bias remains neutral. Consolidations from 0.7603 is extending and stronger rebound could be seen. But upside should be limited by 55 D EMA (now at 0.7849) to complete the pattern. On the downside, break of 0.7603 will resume larger down trend, and target 0.7382 projection level next. However, sustained break of 55 D EMA will indicate that a larger scale corrective bounce in underway and target 0.8039 resistance next.
In the bigger picture, down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 0.8123 resistance holds.
