Daily Pivots: (S1) 0.8507; (P) 0.8572; (R1) 0.8605; More…..
Intraday bias in USD/CHF remains on the downside at this point. Rebound from 0.8431 should have completed at 0.8747, after rejection by 38.2% retracement of 0.9223 to 0.8431 at 0.8734. Deeper fall would be seen to retest 0.8431 low first. Firm break there will resume whole decline from 0.9223 towards 0.8332. On the upside, above 0.8616 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 0.8747 resistance holds, in case of recovery.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern, with fall from 0.9223 as the second leg. Strong support could be seen from 0.8332 to bring rebound. Yet, overall outlook will continue to stay bearish as long as 0.9243 resistance holds. Firm break of 0.8332, however, will resume larger down trend from 1.0146 (2022 high).
