Daily Pivots: (S1) 0.7970; (P) 0.8022; (R1) 0.8053; More…
Overall outlook is unchanged in USD/CHF, as correction pattern from 0.7828 could extend further. On the upside, break of 0.8123 will target 138.2% projection of 0.7828 to 0.8075 from 0.7877 at 0.7812. However, firm break of 0.7990 support will turn bias back to the downside for 0.7877 support.
In the bigger picture, outlook will stay bearish as long as 0.8332 support turned resistance holds (2023 low). 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.
