Daily Pivots: (S1) 0.7868; (P) 0.7886; (R1) 0.7914; More….
USD/CHF recovered after forming a temporary low at 0.7860 and intraday bias is turned neutral. Further decline is expected as long as 0.7986 resistance holds. Break of 0.7860 will target 0.7828 low. Decisive break there will confirm larger down trend resumption.
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.
