Daily Pivots: (S1) 0.9413; (P) 0.9449; (R1) 0.9470; More…
Intraday bias in EUR/CHF stays on the downside at this point. Current decline from 1.0095 is in progress for 0.9407 medium term bottom. Decisive break there will confirm larger down trend resumption. On the upside, break of 0.9532 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, medium term outlook remains bearish with the cross capped well below falling 55 W EMA (now at 0.9782). Firm break of 0.9407 (2022 low) will confirm resumption of larger down trend from 1.2004 (2018 high). Next target will be 61.8% projection of 1.1149 to 0.9407 from 1.0095 at 0.9018. On the upside, break of 0.9691 resistance is needed to indicate medium term bottoming. Otherwise, outlook will stay bearish.
