Daily Pivots: (S1) 0.8202; (P) 0.8226; (R1) 0.8252; More….
Intraday bias in USD/CHF remains neutral for the moment. Price actions from 0.8038 are seen as a corrective pattern to the decline from 0.9200, which might still be extending. On the downside, below 0.8187 will bring retest of 0.8038 low. On the upside, above 0.8346 will bring stronger rebound to 0.8475. But after all, larger down trend is expected to resume after the correction completes.
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 0.8732) holds. Sustained break of 0.8079 will target 100% projection at 0.7382.
