Daily Pivots: (S1) 0.8143; (P) 0.8180; (R1) 0.8203; More….
Intraday bias in USD/CHF remains neutral and outlook is unchanged. On the downside, break of 0.8152 minor support will argue that recovery from 0.8054 has completed after failing 0.8247 resistance. Deeper fall should be see to 0.8038/54 support zone. Firm break there will resume larger down trend to 61.8% projection of 0.9200 to 0.8038 from 0.8475 at 0.7757. Nevertheless, break of 0.8247 resistance will argue that corrective pattern from 0.8038 is starting the third leg. Bias will be turned back to the upside for 0.8475 resistance again.
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 0.8656) holds. Sustained break of 0.8079 will target 100% projection at 0.7382.
