Daily Pivots: (S1) 0.8759; (P) 0.8809; (R1) 0.8850; More…
USD/CHF’s decline from 0.9200 is still in progress and intraday bias stays on the downside. Next target is 61.8% retracement of 0.8374 to 0.9200 at 0.8690. Sustained break there will pave the way back to 0.8374 support. On the upside, above 0.8818 minor resistance will turn intraday bias neutral and bring consolidations, before staging another fall.
In the bigger picture, rejection by 0.9223 key resistance keep medium term outlook bearish. That is, larger fall from 1.0342 (2017 high) is not completed yet. Firm break of 0.8332 (2023 low) will confirm down trend resumption.
