Daily Pivots: (S1) 0.7983; (P) 0.8010; (R1) 0.8034; More….
Intraday bias in USD/CHF remains mildly on the downside at this point. The current favored case is that corrective rebound from 0.7871 has completed at 0.8170. Deeper fall would be seen to 0.7910 support, and then retest 0.7871. Nevertheless, break of 0.8033 minor resistance will dampen this bearish view and turn intraday bias neutral again 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.
