Daily Pivots: (S1) 0.8515; (P) 0.8570; (R1) 0.8663; More…
Intraday bias in USD/CHF remains neutral for consolidation above 0.8475 temporary low. Upside of recovery should be limited below 0.8757 support turned resistance. On the downside, below 0.8475 will resume the fall from 0.9196 and target 100% projection of 0.9196 to 0.8757 from 0.8854 at 0.8415.
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.
