Daily Pivots: (S1) 0.8766; (P) 0.8822; (R1) 0.8851; More…
USD/CHF’s decline accelerates today and breaks through 0.8756 key long term support decisively. There is no sign of bottoming and intraday bias on the downside. Next target is 100% projection of 0.9439 to 0.8818 from 0.9146 at 0.8525. On the upside, above 0.8791 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 0.8900 support turned resistance holds.
In the bigger picture, the break of 0.8756 (2021 low) indicates break out from the long term range pattern. For now, medium term outlook will stay bearish as long as 0.9146 resistance holds. Further fall would be seen back towards 0.7065 (2011 low).
