Daily Pivots: (S1) 0.9658; (P) 0.9676; (R1) 0.9694; More…
Intraday bias in EUR/CHF is turned neutral again as it retreated again after edging higher to 0.9691. For now, further rally will stay in favor as long as 0.9617 support holds. Above 0.9691 will resume the rise from 0.9513 to 38.2% retracement of 1.0095 to 0.9513 at 0.9735. However, firm break of 0.9617 will turn bias back to the downside for retesting 0.9513 low.
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.
