Daily Pivots: (S1) 0.8419; (P) 0.8455; (R1) 0.8476; More…
USD/CHF’s fall from 0.9223 resumed by breaching 0.8399 support. Intraday bias is back on the downside for retesting 0.8332 low. decisive break there will indicate larger down trend resumption. However, break of 0.8536 resistance will now confirm short term bottoming, and turn bias back to the upside for 0.8747 resistance.
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).
