Daily Pivots: (S1) 0.8096; (P) 0.8146; (R1) 0.8176; More….
The extended fall in USD/CHF suggests that recovery from 0.8054 has completed at 0.8214 already. Intraday bias is back on the downside. Decisive break of 0.8038 low will resume larger down trend to 61.8% projection of 0.9200 to 0.8038 from 0.8475 at 0.7757. Nevertheless, break of 0.8214 resistance will extend the corrective pattern from 0.8038 with another rising leg, and target 0.8475 resistance again.
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 0.8640) holds. Sustained break of 0.8079 will target 100% projection at 0.7382.
