Daily Pivots: (S1) 0.7894; (P) 0.7944; (R1) 0.7979; More…
USD/CHF’s fall from 0.8123 accelerates lower today and intraday bias remains on the downside. Decisive break of 0.7872 support will argue that larger down trend is ready to resume. Break of 0.7828 will target 38.2% projection of 0.9200 to 0.7828 from 0.8123 at 0.7599. On the upside, above 0.7941 minor resistance will delay the bearish case and bring more consolidations first.
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).
