Daily Pivots: (S1) 0.8483; (P) 0.8658; (R1) 0.8769; More…
USD/CHF’s steep decline is still in progress and there is no sign of bottoming yet. Intraday bias stays on the downside for 100% projection of 0.9196 to 0.8757 from 0.8854 at 0.8415. On upside, above 0.8617 minor resistance will turn intraday bias neutral and bring consolidations. But recover should be limited below 0.8757 support turned resistance to bring 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. Next target is 61.8% projection of 1.0146 (2022 high) to 0.8332 from 0.9196 at 0.8075.
