Daily Pivots: (S1) 0.8805; (P) 0.8827; (R1) 0.8841; More…
USD/CHF’s decline accelerated to as low as 0.8554 so far today and met 61.8% projection of 0.9196 to 0.8757 from 0.8854 at 0.8583 already. Intraday bias stays on the downside. Sustained trading below 0.8583 will pave the way to 100% projection at 0.8415. On the upside, above 0.8663 minor resistance will turn intraday bias neutral and bring consolidations first. Before staging another fall.
In the bigger picture, rejection by 0.9223 key resistance keep medium term outlook bearish. That is, larger fall from 1.0342 (2017 high) is not completed yet. Firm break of 0.8332 (2023 low) will confirm down trend resumption. Next target is 61.8% projection of 1.0146 (2022 high) to 0.8332 from 0.9196 at 0.8075.
