Daily Pivots: (S1) 0.7956; (P) 0.7979; (R1) 0.8019; More…
Intraday bias in USD/CHF remains mildly on the upside at this point. Corrective pattern from 0.7828 low is probably extending with another rising leg. Further rally would be seen to 0.8123 resistance. On the downside, below 0.7937 minor support will turn bias neutral first. Break of 0.7877 will bring retest of 0.7828 low.
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).
