Daily Pivots: (S1) 0.7943; (P) 0.7981; (R1) 0.8037; More…
USD/CHF’s rebound from 0.7872 resumed higher and the development suggests that corrective pattern from 0.7878 is extending with another rising leg. Intraday bias is back on the upside for 0.8075 resistance first. For now, risk will be mildly on the upside as long as 0.7924 support holds, in case of retreat.
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).
