Daily Pivots: (S1) 0.8247; (P) 0.8269; (R1) 0.8293; More….
USD/CHF’s break of 0.8305 minor resistance suggests that pull back from 0.8475 has already completed at 0.8187. Corrective pattern from 0.8038 is now in another rising leg. Intraday bias is back on the upside for 0.8475 resistance first. Firm break there will target 100% projection of 0.8038 to 0.8475 from 0.8187 at 0.8624. For now, risk will stay on the upside as long as 0.8187 holds, in case of retreat.
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 0.8713) holds. Sustained break of 0.8079 will target 100% projection at 0.7382.
