Daily Pivots: (S1) 0.8202; (P) 0.8226; (R1) 0.8252; More….
Intraday bias in USD/CHF is back on the downside, as fall from 0.8475 resumed by breaking through 0.8187. Deeper fall should be seen to 0.8038 low. But strong support could be seen from there to bring rebound, on first attempt. On the upside, above 0.8248 minor resistance will turn intraday bias neutral first. However, decisive break of 0.8038 will confirm larger down trend resumption.
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 0.8732) holds. Sustained break of 0.8079 will target 100% projection at 0.7382.
