Daily Pivots: (S1) 0.8047; (P) 0.8062; (R1) 0.8076; More…
Intraday bias in USD/CHF is turned neutral first with current retreat. Overall, corrective pattern from 0.7828 is still extending. Above 0.8076 will target 0.8123 resistance next. On the downside, though, break of 0.7984 support will bring deeper fall back to 0.7877 support.
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).
