Daily Pivots: (S1) 0.8011; (P) 0.8026; (R1) 0.8045; More….
USD/CHF gyrates lower today but stays above 0.7954 support. Intraday bias remains neutral and another rise is in favor. On the upside, break of 0.8039 will resume the rally from 0.7860 for 0.8123 resistance However, break of 0.7954 support will argue that the rebound has completed, and turn bias back to the downside for 0.7860. Overall, corrective pattern from 0.7828 is extending.
In the bigger picture, price actions from 0.7828 are seen as a correction. Larger down trend from 1.0342 (2017 high) is still in progress. Break of 0.7828 will target 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 0.8332 support turned resistance holds (2023 low).
