Daily Pivots: (S1) 0.7893; (P) 0.7916; (R1) 0.7958; More…
Range trading continues in USD/CHF and intraday bias stays neutral. Further decline is expected as long as 0.7984 resistance holds. On the downside, below 0.7872 will bring retest of 0.7828. Firm break there will resume larger down trend. However, break of 0.7984 will suggest that corrective pattern from 0.7828 is extending with another rising leg, and target 0.8075 again.
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).
