Daily Pivots: (S1) 0.7948; (P) 0.7967; (R1) 0.7983; More….
USD/CHF dips mildly today but stays above 0.7914 temporary low. Intraday bias remains neutral for the moment. Further fall is expected as long as 0.8071 resistance holds. Below 0.7914 will bring retest of 0.7871 low. Decisive break there will resume larger down trend to 61.8% projection of 0.8475 to 0.7871 from 0.8170 at 0.7797.
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 0.8332 support turned resistance holds.
