Daily Pivots: (S1) 0.7827; (P) 0.7888; (R1) 0.7920; More….
USD/CHF’s break of 0.7871 low confirms down trend resumption. Intraday bias stays on the downside for 61.8% projection of 0.8475 to 0.7871 from 0.8170 at 0.7797. Firm break there will pave the way to 100% projection at 0.7566. On the upside, 0.7914 support turned resistance will turn intraday bias neutral for consolidations But recovery should be limited below 0.8006 resistance to bring another fall.
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 0.8332 support turned resistance holds.
