Daily Pivots: (S1) 0.8075; (P) 0.8113; (R1) 0.8189; More….
USD/CHF’s rally is in progress and intraday bias stays on the upside. Rise from 0.7871 is at least corrective fall from 0.9200. Further rise should be seen to 38.2% retracement of 0.9200 to 0.7871 at 0.8379 next. On the downside, below 0.8037 minor support will turn intraday bias neutral and bring consolidations 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.
