Daily Pivots: (S1) 0.7988; (P) 0.8002; (R1) 0.8019; More….
USD/CHF recovered after edging lower to 0.7984 and intraday bias is turned neutral first. The current favored case is that corrective rebound from 0.7871 has completed at 0.8170. Below 0.7984 will target 0.7910 support, and then retest 0.7871. However, break of 0.8103 resistance will turn bias to the upside to resume the rebound from 0.7871 through 0.8170.
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.
