Daily Pivots: (S1) 0.8625; (P) 0.8643; (R1) 0.8669; More….
Intraday bias in USD/CHF is mildly on the downside at this point. Rebound from 0.8431 might have completed at 0.8701 already. Deeper fall would be seen back to retest 0.8431 low. On the upside, however, firm break of 38.2% retracement of 0.9223 to 0.8431 at 0.8734 will bring stronger rally to 61.8% retracement at 0.8920, even as a corrective move.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern, with fall from 0.9223 as the second leg. Strong support could be seen from 0.8332 to bring rebound. Yet, overall outlook will continue to stay bearish as long as 0.9243 resistance holds. Firm break of 0.8332, however, will resume larger down trend from 1.0146 (2022 high).
