Daily Pivots: (S1) 0.8805; (P) 0.8827; (R1) 0.8841; More…
USD/CHF’s breach of 0.8757 suggests that fall from 0.9196 is resuming. Intraday bias is back on the downside. Next target is 61.8% projection of 0.9196 to 0.8757 from 0.8854 at 0.8583. For now, outlook will stay bearish as long as 0.8854 resistance holds, in case of recovery.
In the bigger picture, rejection by 0.9223 key resistance keep medium term outlook bearish. That is, larger fall from 1.0342 (2017 high) is not completed yet. Firm break of 0.8332 (2023 low) will confirm down trend resumption.
