Daily Pivots: (S1) 0.8192; (P) 0.8232; (R1) 0.8278; More….
USD/CHF breached 0.8196 support but quickly recovered. Intraday bias remains neutral first. On the upside, above 0.8333 will resume the rebound from 0.8038. However, upside should be limited by 38.2% retracement of 0.9200 to 0.8038 at 0.8482. On the downside, firm break of 0.8196 will bring retest of 0.8038. Firm break there will resume larger down trend.
In the bigger picture, long term down trend from 1.0342 (2017 high) is still in progress and met 61.8% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.8079 already. In any case, outlook will stay bearish as long as 55 W EMA (now at 0.8763) holds. Sustained break of 0.8079 will target 100% projection at 0.7382.
