Daily Pivots: (S1) 0.7944; (P) 0.7980; (R1) 0.8003; More…
USD/CHF’s break of 0.7944 support argues that rebound from 0.7828 has completed with three waves up to 0.8075. Intraday bias is back on the downside for retesting 0.7828 low. On the upside, above 0.8010 minor resistance will turn intraday bias neutral again first. Overall, price actions from 0.7828 are seen as a correction to fall from 0.9200 that could still extend for a while.
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 (2023 low).
