Daily Pivots: (S1) 0.8780; (P) 0.8808; (R1) 0.8845; More…
Intraday bias in USD/CHF is turned neutral first with current retreat. Outlook will stay bullish as long as 0.8700 support holds, in case of retreat. Break of 0.8840 temporary top will resume the rise from 0.8374 to 61.8% retracement of 0.9223 to 0.8374 at 0.8899. Sustained trading above there will pave the way towards 0.9223 high.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern. Rise from 0.8374 is seen as the third leg. Overall outlook will continue to stay bearish as long as 0.9223 resistance holds. Break of 0.8332 low is in favor at a later stage when the consolidation completes.
