Daily Pivots: (S1) 0.8013; (P) 0.8031; (R1) 0.8067; More…
Overall outlook is unchanged that price actions from 0.7828 low is seen as a corrective pattern. Intraday bias in USD/CHF is mildly on the downside for 0.7877 support. Firm break there will argue that larger down trend is resuming through 0.7828. Nevertheless, above 0.8070 minor resistance will suggest that the corrective pattern is still extending, and turn bias back to the upside for 0.8123 and above.
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).
