Daily Pivots: (S1) 0.7980; (P) 0.8004; (R1) 0.8024; More….
Intraday bias in USD/CHF remains mildly on the upside at this point. Rebound from 0.7860 is in progress and would target 0.8123 resistance. On the downside, below 0.7954 support will turn intraday bias neutral again first. Overall, corrective pattern from 0.7828 low is in progress and would extend further.
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).
