Daily Pivots: (S1) 0.9665; (P) 0.9674; (R1) 0.9690; More…
Intraday bias in EUR/CHF is back on the upside as rise from 0.9513 resumed after brief retreat. Further rally would be seen to 38.2% retracement of 1.0095 to 0.9513 at 0.9735. Sustained break there will target 61.8% retracement at 0.9873. On the downside, break of 0.9654 will turn intraday bias neutral again first.
In the bigger picture, medium term outlook will stay bearish as long as the cross is capped well below falling 55 W EMA (now at 0.9799). That is, down trend from 1.2004 (2018 high) could still resume through 0.9407 (2022 low). However, sustained trading above the 55 W EMA will raise the chance that 0.9470 is already a long term bottom. Further rise would then be seen to 1.0095 resistance to indicate bullish trend reversal.
