Daily Pivots: (S1) 0.8855; (P) 0.8891; (R1) 0.8949; More….
USD/CHF is staying in consolidation above 0.8825 and intraday bias remains neutral for the moment. Outlook will stay bearish as long as 0.8992 resistance holds. On the downside, break of 0.8825 will resume the fall from 0.9223. Next target is 61.8% retracement of 0.8332 to 0.9223 at 0.8672.
In the bigger picture, price actions from 0.8332 medium term bottom are seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Rejection by 0.9243 resistance affirms this case, and maintains medium term bearishness. While more range trading could be seen between 0.8332/0.9243 first, downside break out is mildly in favor at a later stage.
