Daily Pivots: (S1) 0.8610; (P) 0.8646; (R1) 0.8676; More…
USD/CHF’s fall from 0.8710 short term top is in progress and deeper decline would be seen to 55 D EMA (now at 0.8614). Sustained break there will argue that the rebound from 0.8374 has completed, and bring deeper fall back to this low. On the upside, firm break of 0.8710 will resume the rebound from 0.8374 instead.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern, with fall from 0.9223 as the second leg. Strong support could be seen from 0.8332 to bring rebound. Yet, overall outlook will continue to stay bearish as long as 0.9243 resistance holds. Firm break of 0.8332, however, will resume larger down trend from 1.0146 (2022 high).
. Sustained break there will argue that the rebound from 0.8374 has completed, and bring deeper fall back to this low. On the upside, firm break of 0.8710 will resume the rebound from 0.8374 instead.){kind=link}