Daily Pivots: (S1) 0.7897; (P) 0.7945; (R1) 0.7969; More….
USD/CHF’s break of 0.7946 minor support suggests that corrective recovery from 0.7871 has already completed at 0.8064, after rejection by 0.8054 support turned resistance. Intraday bias is back on the downside for retesting 0.7871 first. Firm break there will resume larger down trend. For now, risk will stay on the downside as long as 0.8063 resistance holds, in case of recovery.
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.
