Daily Pivots: (S1) 0.8679; (P) 0.8729; (R1) 0.8768; More….
USD/CHF’s break of 0.8722 minor support argues that recovery from 0.8665 has completed at 0.8819 already. Intraday bias is back on the downside. Firm break of 0.8665 will resume the whole fall from 0.9243 to 0.8551 key support level. On the upside, break of 0.8819 resistance is needed to indicate short term bottom. Otherwise, risk will stay on the downside in case of recovery.
In the bigger picture, price actions from 0.8551 are currently seen as part of a corrective pattern to the decline from 1.0146 (2022 high). Fall from 0.9243 is seen as the second leg for now. Deeper decline could be seen to 0.8551 low but strong support should be seen there to bring rebound. Meanwhile, break of 0.9111 resistance will argue that the third leg has started already, and target 0.9243 and above.
