Daily Pivots: (S1) 0.7903; (P) 0.7922; (R1) 0.7943; More….
USD/CHF’s rebound from 0.7860 extends today. But upside is capped well below 0.7986 resistance. Intraday bias remains neutral for the moment. On the downside, below 0.7900 minor support will turn bias to the downside. Break of 0.7860 will target a retest on 0.7828 low. However, break of 0.7986 will argue that corrective pattern from 0.7828 is still extending with another rising leg already in progress.
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.
