Daily Pivots: (S1) 0.9724; (P) 0.9746; (R1) 0.9762; More…
Intraday bias in EUR/CHF remains on the downside at this point. Fall from 0.9835 is seen as the third leg of the corrective pattern from 0.9847, and should target 0.9563 support. For now, risk will stay on the downside as long as 0.9835 resistance holds, in case of recovery.
In the bigger picture, as long as 0.9563 support holds, rise from 0.9252 medium term bottom is still in favor to continue. Break of 0.9847 resistance will target 38.2% retracement of 1.2004 (2018 high) to 0.9252 (2023 low) at 1.0303, even as a correction to the down trend from 1.2004.
