Daily Pivots: (S1) 0.8416; (P) 0.8518; (R1) 0.8581; More…
Intraday bias in USD/CHF remains on the downside at this point. Current fall from 0.9196 is in progress. Sustained break of 0.8332/8374 key support zone will confirm larger down trend resumption. Next near term target is 161.8% projection of 0.9196 to 0.8757 from 0.8854 at 0.8144. On the upside, break of 0.8673 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish 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. Next target is 61.8% projection of 1.0146 (2022 high) to 0.8332 from 0.9196 at 0.8075.
