Daily Pivots: (S1) 0.7990; (P) 0.8004; (R1) 0.8026; More….
Intraday bias in USD/CHF is turned neutral with today’s retreat and break of 0.7967 minor support. Overall outlook is unchanged that corrective pattern from 0.7828 low is extending. On the upside, above 0.8016 will target 08123 resistance next. Nevertheless, break of 0.7860 will bring retest of 0.7828, with odds of a break there to resume the larger down trend.
In the bigger picture, price actions from 0.7828 are seen as a correction. Larger down trend from 1.0342 (2017 high) is in still in progress. Break of 0.7828 will target 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 (2023 low).
