Daily Pivots: (S1) 0.7982; (P) 0.8020; (R1) 0.8054; More….
No change in USD/CHF’s outlook and intraday bias remains neutral. On the downside, break of 0.7946 support will argue that correction from 0.7871 has completed, and bring retest of this low. Nevertheless, firm break of 0.8054/63 will bring stronger rebound to 55 D EMA (now at 0.8140).
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.
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