Daily Pivots: (S1) 0.8809; (P) 0.8860; (R1) 0.8892; More….
Intraday bias in USD/CHF stays on the downside for the moment. Rise from 0.8332 could have completed at 0.9223, ahead of 0.9243 key resistance. Further decline would be seen to 61.8% retracement of 0.8332 to 0.9223 at 0.8672 next. For now, risk will stay on the downside as long as 0.8992 resistance holds, in case of recovery.
In the bigger picture, price actions from 0.8332 medium term bottom are seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Rejection by 0.9243 resistance affirms this case, and maintains medium term bearishness. While more range trading could be seen between 0.8332/0.9243 first, downside break out is mildly in favor at a later stage.
