Daily Pivots: (S1) 0.7904; (P) 0.7931; (R1) 0.7947; More….
USD/CHFs’ decline accelerates after breaking through 0.7923 support and intraday bias is back on the downside. Decisive break of 0.7828 support will confirm larger up trend resumption. On the upside, above 0.7923 support turned resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 0.7986 resistance holds.
In the bigger picture, outlook will stay bearish as long as 0.8332 support turned resistance holds (2023 low). 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.
