Daily Pivots: (S1) 0.8665; (P) 0.8689; (R1) 0.8726; More….
USD/CHF is extending the consolidation pattern from 0.8629 for now, and intraday bias stays neutral. Outlook remains bearish with 0.8819 resistance intact. On the downside, break of 0.8629 will resume larger fall from 0.9243 to retest 0.8551 key support next. On the upside, however, firm break of 0.8819 will turn bias back to the upside for stronger rebound.
In the bigger picture, price actions from 0.8551 are currently seen as a corrective pattern to the decline from 1.0146 (2022 high). Fall from 0.9243 is seen as the second leg for now. Strong support should be seen 0.8551 to bring rebound. Meanwhile, break of 0.9111 resistance will argue that the third leg has started already, and target 0.9243.
