Daily Pivots: (S1) 0.7936; (P) 0.8000; (R1) 0.8043; More….
Intraday bias in USD/CHF remains on the downside for the moment. Corrective rebound from 0.7871 should have completed with three waves up to 0.8170. Deeper fall should be seen to 0.7910 support first, and then 0.7871 low. For now, risk will stay on the downside as long as 0.8071 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.
