Daily Pivots: (S1) 0.9619; (P) 0.9628; (R1) 0.9643; More…
EUR/CHF’s fall resumes today and the development argues that rebound from 0.9513 has completed at 0.9691. Intraday bias is back on the downside for retesting 0.9513 low. On the upside, above 0.9636 minor resistance will turn intraday bias neutral first. Break of 0.9691 will resume the rebound instead.
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 0.9793). 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.
