Intraday bias in USD/CHF is turned neutral first with current retreat. Above 0.8156 will bring retest of 0.8205 high first. Firm break there will extend larger rally from 0.7603. Next target is 100% projection of 0.7760 to 0.8205 from 0.7948 at 0.8393. On the downside, below 0.8068 minor support will turn bias to the downside to extend the pattern from 0.8205 with another falling leg.
In the bigger picture, focus is back on 38.2% retracement of 0.9200 (2025 high) to 0.7603 at 0.8213. Decisive break there will indicate that USD/CHF is at least reversing the medium term trend, and turn focus to 0.8332 support turned resistance (2023 low) for confirmation. Meanwhile, rejection by 0.8213 will suggest that rebound from 0.7603 is merely a corrective move, and the long term down trend is not complete yet.
