Daily Pivots: (S1) 0.7907; (P) 0.7929; (R1) 0.7946; More….
USD/CHF’s fall from 0.8063 is in progress and intraday bias stays on the downside for retesting 0.7871 support. Firm break there will resume larger down trend and target 61.8% projection of 0.9200 to 0.8038 from 0.8475 at 0.7757. On the upside, however, above 0.7990 minor resistance will delay the bearish case and extend the corrective pattern from 0.7871 first.
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.
