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Daily Pivots: (S1) 0.8599; (P) 0.8625; (R1) 0.8654; More….

Intraday bias in USD/CHF stays on the downside for 0.8551 support. Strong support could be seen there to bring rebound. Break of 0.8650 minor resistance will indicate short term bottoming, and turn bias back to the upside for 0.8819 resistance. However, sustained break of 0.8551 could trigger downside acceleration to 100% projection of 0.9111 to 0.8665 from 0.8819 at 0.8373.


In the bigger picture, price actions from 0.8551 are currently seen as a corrective pattern to the decline from 1.0146 (2022 high). Fall from 0.9243 is seen as the second leg for now. Strong support should be seen 0.8551 to bring rebound. Meanwhile, break of 0.8819 resistance will argue that the third leg has started already, and target 0.9243. However, firm break of 0.8551 will confirm resumption of larger down trend from 1.0146 instead.


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