Daily Pivots: (S1) 0.8477; (P) 0.8503; (R1) 0.8528; More….
USD/CHF’s outlook is unchanged as price actions from 0.8332 are still seen as a corrective pattern only. Intraday bias stays neutral and outlook remains bearish with 0.8665 support turned resistance intact. On the downside, break of 0.8332 will resume larger fall from 0.9243 to 0.8257 projection level.
In the bigger picture, break of 0.8551 support indicates resumption of whole decline from 1.0146 (2022 high). Next target is 61.8% retracement of 1.0146 to 0.8551 from 0.9243 at 0.8257. Sustained break there could prompt downside acceleration to 100% projection at 0.7648. This will now remain the favored case as long as 0.8819 resistance holds.
