Daily Pivots: (S1) 0.7928; (P) 0.7944; (R1) 0.7973; More….
No change in USD/CHF’s outlook and intraday bias remains neutral. On the downside, below 0.7910 will bring retest of 0.7871 support. Firm break there will resume larger down trend and target 61.8% projection of 0.9200 to 0.8038 from 0.8475 at 0.7757. On the upside, break of 0.7990 minor resistance will bring stronger rebound to extend the corrective pattern from 0.7871.
In the bigger picture, long term down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 0.8475 resistance holds.
