Daily Pivots: (S1) 0.7972; (P) 0.8020; (R1) 0.8053; More…
USD/CHF’s fall from 0.8123 is in progress and intraday bias stays on the downside. Corrective rebound from 0.7828 should have completed with three waves up to 0.8123. Deeper decline should be seen to 0.7872 support. Firm break there will argue that larger down trend is ready to resume through 0.7828 low. On the upside, above 0.8031 minor resistance will turn intraday bias neutral 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).
