Daily Pivots: (S1) 0.7781; (P) 0.7810; (R1) 0.7838; More….
Intraday bias in USD/CHF remains neutral for the moment. On the downside, break of 0.7671 support will revive near term bearishness and bring retest of 0.7603 low. Decisive break there will resume larger down trend. On the upside, though, break of 0.7877 will bring stronger rally to 0.8039 resistance next.
In the bigger picture, a medium term bottom could be in place at 0.7603 on bullish convergence condition in D MACD, Firm break of 0.8039 resistance will argue that it’s at least correcting the down trend from 0.9002. Stronger rebound would then be seen to 38.2% retracement of 0.9200 to 0.7603 at 0.8213. However, break of 0.7603 will resume the down trend to 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382.
