Daily Pivots: (S1) 0.7950; (P) 0.8006; (R1) 0.8065; More….
No change in USD/CHF’s outlook. Intraday bias stays neutral with focus on 0.8054 support turned resistance. Decisive break there will suggest that it’s at least correcting the fall from 0.8475. Further rise should then be seen to 55 D EMA (now at 0.8151). Nevertheless, rejection by 0.8054 will retain near term bearishness. Below 0.7946 minor support will bring retest of 0.7871 low.
In the bigger picture, long term down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 0.8475 resistance holds.
. Nevertheless, rejection by 0.8054 will retain near term bearishness. Below 0.7946 minor support will bring retest of 0.7871 low.){kind=link}