Daily Pivots: (S1) 0.8431; (P) 0.8508; (R1) 0.8656; More…
Intraday bias in USD/CHF is turned neutral first with current recovery, and some consolidations would be seen. But near term outlook will stay bearish as long as 0.8673 resistance holds. Below 0.8358 will resume the fall from 0.9196 to 161.8% projection of 0.9196 to 0.8757 from 0.8854 at 0.8144. Nevertheless, firm break of 0.8673 will confirm short term bottoming, and bring stronger rebound back to 0.8757/8854 resistance zone.
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.
