Daily Pivots: (S1) 0.7908; (P) 0.7952; (R1) 0.7976; More….
USD/CHF’s decline is in progress and intraday bias stays on the downside for retesting 0.7871 low. Firm break there will resume larger down trend. Next target is 61.8% projection of 0.8475 to 0.7871 from 0.8170 at 0.7797. On the upside, above 0.7984 resistance will turn intraday bias neutral first. But 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.
