Daily Pivots: (S1) 0.8247; (P) 0.8269; (R1) 0.8293; More….
Intraday bias in USD/CHF is turned neutral first with current retreat. On the upside, above 0.8346 will target 0.8475 resistance. Firm break there will target 100% projection of 0.8038 to 0.8475 from 0.8187 at 0.8624. However, below 0.8187 will bring retest of 0.8038 low instead.
In the bigger picture, long term down trend from 1.0342 (2017 high) is still in progress and met 61.8% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.8079 already. In any case, outlook will stay bearish as long as 55 W EMA (now at 0.8713) holds. Sustained break of 0.8079 will target 100% projection at 0.7382.
