Daily Pivots: (S1) 0.8599; (P) 0.8625; (R1) 0.8654; More….
Further decline is expected in USD/CHF as long as 0.8710 resistance holds. Current fall from 0.9243 is in progress for retesting 0.8551 key support next. On the upside, however, break of 0.8710 will indicate short term bottoming, and 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.
