Daily Pivots: (S1) 0.8753; (P) 0.8806; (R1) 0.8837; More….
Immediate focus is now on 0.8758 support in USD/CHF with today’s fall. Firm break there will argue that corrective rebound from 0.8551 has completed at 0.8874. Intraday bias will be turn back to the downside for 0.8688 support, and then 0.8551 low. Strong rebound from current level will retain near term bullishness though. Break of 0.8874 will resume the rise from 0.8551 to 0.9146 cluster resistance next.
In the bigger picture, rebound from 0.8551 medium term bottom is currently seen as a correction to the downtrend from 1.0146 (2022 high). Further rally would be seen to 0.9146 cluster resistance (38.2% retracement of 1.0146 to 0.8551 at 0.9160). Strong resistance could be seen there to limit upside, at least on first attempt. Nevertheless, medium term outlook is neutral at best as long as 0.8551 holds, until further developments.
