Daily Pivots: (S1) 0.8363; (P) 0.8409; (R1) 0.8462; More….
USD/CHF is staying in consolidation from 0.8332 and intraday bias remains neutral at this point. Stronger recovery cannot be ruled out, but outlook will stay bearish as long as 0.8665 support turned resistance holds. Break of 0.8332 will resume larger fall from 0.9243 to 138.2% projection of 0.9111 to 0.8665 from 0.8819 at 0.8203 next.
In the bigger picture, break of 0.8551 support indicates resumption of whole decline from 1.0146 (2022 high). Next target is 61.8% retracement of 1.0146 to 0.8551 from 0.9243 at 0.8257. Sustained break there could prompt downside acceleration to 100% projection at 0.7648. This will now remain the favored case as long as 0.8819 resistance holds.
