USD/CHF’s fall from 0.8205 short term top is in progress and intraday bias stays on the downside for rising channel support (now at 0.7921). Sustained break there will solidify the case that rebound from 0.7603 has completed with three waves up to 0.8205. Deeper fall should be seen to 0.7760 support next. On the upside, above 0.8038 support turned resistance will turn intraday bias neutral again first.
In the bigger picture, focus is on 38.2% retracement of 0.9200 (2025 high) to 0.7603 at 0.8213. Decisive break will argue that USD/CHF is reversing the medium term trend, and turn focus to 0.8332 support turned resistance (2023 low) for confirmation. Nevertheless, rejection by 0.8213 will maintain medium term bearishness for another fall through 0.7603 at a later stage.
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