Daily Pivots: (S1) 0.7970; (P) 0.8022; (R1) 0.8053; More…
USD/CHF’s fall from 0.8101 resumes through 0.7990 and intraday bias is back on the downside. Further fall should be seen to 0.7877 support. Overall, price actions from 0.7828 are seen as a corrective pattern and might extend. Nevertheless, firm break of 0.7877 will argue that larger down trend might be ready to resume through 0.7828 low.
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.
