Daily Pivots: (S1) 0.8388; (P) 0.8437; (R1) 0.8464; More…..
USD/CHF’s break of 0.8431 support indicates resumption of whole decline from 0.9223. Intraday bias stays on the downside for 61.8% projection of 0.9049 to 0.8431 from 0.8747 at 0.8365, and then 0.8332 low. On the upside, above 0.8484 minor resistance will turn intraday bias neutral. But outlook will remain bearish 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).
