Daily Pivots: (S1) 0.8542; (P) 0.8578; (R1) 0.8597; More…
Intraday bias in USD/CHF is turned neutral first with current retreat. On the upside, above 0.8611 will resume the rebound from 0.8374 to 38.2% retracement of 0.9223 to 0.8374 at 0.8698. Sustained break there will argue that fall from 0.9223 has completed after defending 0.8332 low. However, firm break of 0.8529 minor support will turn bias back to the downside for retesting 0.8374/8401 support zone instead.
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).
