Daily Pivots: (S1) 0.8180; (P) 0.8209; (R1) 0.8234; More….
USD/CHF’s fall from 0.8475 resumed by breaking through 0.8156. Intraday bias is back on the downside for retesting 0.8038 low. Strong support could be seen there to break rebound, but further fall is in favor as long as 0.8247 resistance holds. Firm break of 0.8038 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 0.8696) holds. Sustained break of 0.8079 will target 100% projection at 0.7382.
