Daily Pivots: (S1) 0.8045; (P) 0.8069; (R1) 0.8104; More…
Intraday bias in USD/CHF remains on the upside for the moment. Price actions from 0.7828 are seen as a corrective pattern in its 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 0.8037 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).
