Daily Pivots: (S1) 0.8523; (P) 0.8631; (R1) 0.8689; More…
USD/CHF’s decline accelerates lower today. There so no sign of bottoming yet, and intraday bias stays on the downside for retesting 0.8332 low. On the upside, above 0.8594 minor resistance will turn intraday bias neutral and bring consolidations, before staging another fall.
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).
