Daily Pivots: (S1) 0.8712; (P) 0.8748; (R1) 0.8775; More….
USD/CHF recovered after hitting near term falling channel support and intraday bias is turned neutral first. Some consolidations could be seen. But risk will stay on the downside as long as 0.8886 support turned resistance holds. On the downside, break of 0.8716 temporary low will resume the fall from 0.9243 to 161.8% projection of 0.9243 to 0.8886 from 0.9111 at 0.8533, which is close to 0.8551 low.
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.
