Daily Pivots: (S1) 0.8770; (P) 0.8793; (R1) 0.8807; More….
Intraday bias in USD/CHF is turned neutral first with a temporary top formed at 0.8819. Further rise remains in favor with 0.8727 minor support intact. Above 0.8819 will resume the rebound from 0.8665 short term bottom to 0.8886 support turned resistance first. Decisive break there will indicate that whole fall from 0.9243 has completed, and bring stronger rally to 0.9111 resistance next. However, break of 0.8727 will turn bias back to the downside to retest 0.8665 instead.
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. Meanwhile, break of 0.9111 resistance will argue that the third leg has started already, and target 0.9243 and above.
