Daily Pivots: (S1) 0.7966; (P) 0.7983; (R1) 0.8005; More….
USD/CHF’s break of 0.7986 resistance suggests that fall from 0.8123 has completed at 0.7860. The corrective pattern from 0.7828 is probably in another rising leg. Intraday bias is back on the upside for 0.8123 resistance. On the downside, below 0.7943 minor support will flip bias back to the downside for 0.7860 instead.
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.
