Daily Pivots: (S1) 0.7917; (P) 0.7961; (R1) 0.7998; More…
Intraday bias in USD/CHF stays on the downside for 0.7877 support. Firm break there will argue that large down trend is ready to resume through 0.7828 low. ON the upside, though above 0.7990 support turned resistance will turn intraday bias neutral again first. Overall, price actions from 0.7828 are seen as a corrective pattern that might still extend further.
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.
