Daily Pivots: (S1) 0.7951; (P) 0.7987; (R1) 0.8012; More….
USD/CHF’s fall from 0.8039 accelerates lower today and the break of 0.7954 support confirms that rebound from 0.7860 has completed. Intraday bias is back on the downside for 0.7860 support. Firm break there will argue that larger down trend is ready to resume through 0.7828 low. For now, risk will stay on the downside as long as 55 4H EMA (now at 0.7984) holds, in case of recovery.
In the bigger picture, price actions from 0.7828 are seen as a correction. Larger down trend from 1.0342 (2017 high) is 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).
 holds, in case of recovery.){kind=link}