The pair traded within a measured intraday recovery after a sharp late-April selloff. USD/CHF already washed out the 0.7910 area and then built a base near 0.7780–0.7790. Since then, the market has been grinding higher rather than exploding upward, which usually signals a recovery attempt inside a still-sensitive broader structure. This makes the current 0.7840 zone important: it is high enough to keep the rebound alive, but not yet high enough to confirm that the bearish pressure has been fully neutralized.
For the whole trading day, the structure is constructive as long as price holds above the pivot and keeps forming higher intraday lows. A continuation higher can develop toward the former breakdown zone, but the pair still needs to prove itself there. If the market drops back below the pivot, the recovery risks turning into another failed bounce inside the larger downside picture. So the day starts with a mild bullish bias, but only while support continues to hold.
Current price: 0.78402
Pivot: 0.78320
Nearest support levels: S1: 0.78140, S2: 0.77960, S3: 0.77740
Nearest resistance levels: R1: 0.78580, R2: 0.78820, R3: 0.79080
Note:
Above Pivot: If the pair stays above 0.78320, buyers may continue the rebound toward 0.78580 and 0.78820. If recovery momentum strengthens through the day, the next upside target may come at 0.79080.
Below Pivot: If the pair falls back below 0.78320, the rebound may weaken into a broader pullback toward 0.78140 and 0.77960. A deeper daily decline would then expose 0.77740.
