Daily Pivots: (S1) 0.7888; (P) 0.7906; (R1) 0.7936; More….
USD/CHF’s recovery from 0.7860 extends higher today but stays below 0.7986 resistance. Intraday bias remains neutral first. On the downside, below 0.7860 will target a retest on 0.7828 low. Decisive break there will confirm larger down trend resumption. However, break of 0.7986 will argue that corrective pattern from 0.7828 is still extending with another rising leg already in progress.
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.
