Daily Pivots: (S1) 0.8712; (P) 0.8748; (R1) 0.8775; More….
Intraday bias in USD/CHF remains on the downside for the moment. Current fall from 0.92434 should target 161.8% projection of 0.9243 to 0.8886 from 0.9111 at 0.8533, which is close to 0.8551 low. On the upside, above 0.8782 minor resistance will turn intraday bias neutral and bring consolidations first. But risk will stay on the downside as long as 0.8886 support turned resistance holds.
In the bigger picture, price actions from 0.8551 are currently seen as part of a corrective pattern to the decline from 1.0146 (2022 high). Fall from 0.9243 is seen as the second leg for now. Deeper decline could be seen to 0.8551 low but strong support should be seen there to bring rebound. For now, this will remain the favored case as long as 0.8886 resistance holds.
