Daily Pivots: (S1) 0.8431; (P) 0.8508; (R1) 0.8656; More…
Intraday bias in USD/CHF is back on the downside with breach of 0.8358. Fall from 0.9196 should target 161.8% projection of 0.9196 to 0.8757 from 0.8854 at 0.8144. On the upside, above 0.8582 resistance will indicate short term bottoming and turn bias back to the upside for stronger rebound.
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.
