Daily Pivots: (S1) 0.7955; (P) 0.7967; (R1) 0.7990; More….
Immediate focus is now on 0.7986 resistance as USD/CHF’s rebound from 0.7860 extends today. Firm break there will will argue that corrective pattern from 0.7828 is still extending with another rising leg already in progress. Bias will be turned back to the upside for 0.8123 resistance. Nevertheless, on the downside, below 0.7905 support will turn bias to the downside. Break of 0.7860 will target a retest on 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.
