Daily Pivots: (S1) 0.8019; (P) 0.8037; (R1) 0.8064; More…
USD/CHF’s rally continues today and intraday bias stays on the upside. Corrective pattern from 0.7828 is in the third leg. Next target is 100% projection of 0.7828 to 0.8075 from 0.7872 at 0.8119. Break there will target 138.2% projections at 0.8213. On the downside, below 0.8033 minor support will turn intraday bias neutral.
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).
