Daily Pivots: (S1) 0.9693; (P) 0.9784; (R1) 0.9836; More….
Intraday bias in EUR/CHF remains on the downside for the moment. Sustained break of 38.2% retracement of 0.8407 to 0.9953 will pave the way to 61.8% retracement a 0.9616, and possibly below. On the upside, though, above 0.9818 support turned resistance will turn intraday bias neutral first.
In the bigger picture, rejection by 0.9970 support turned resistance retains medium term bearishness. That is, while 0.9407 is a medium term bottom, price actions from there would develope into a corrective pattern rather than a reversal. That is, down trend resumption through 0.9407 is favored at a later stage. This will remain the favored case now, as long 38.2% retracement of 1.1149 to 0.9407 at 1.0072 holds.
