Daily Pivots: (S1) 0.8578; (P) 0.8604; (R1) 0.8629; More…
Intraday bias in USD/CHF remains neutral for the moment. Consolidation from 0.8564 could extend, but upside of recovery should be limited below 0.8818 support turned resistance to bring another fall. On the downside, break of 0.8564 will resume larger down trend from 1.0146 and target 100% projection of 0.9439 to 0.8818 from 0.9146 at 0.8525 next.
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 to 61.8% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.8317 next.
