Daily Pivots: (S1) 0.9643; (P) 0.9712; (R1) 0.9754; More….
EUR/CHF’s fall from 0.9928 extended lower last week and touched 38.2% retracement of 0.9252 to 0.9928 at 0.9670. Strong support is expected from this fibonacci level to bring rebound. Break of 0.9740 minor resistance will turn intraday bias back to the upside. Nevertheless, sustained break of 0.9670 will bring deeper fall to 0.9563 support instead.
In the bigger picture, as long as 0.9563 support holds, rise from 0.9252 medium term bottom is still in favor to continue. Next target is 38.2% retracement of 1.2004 (2018 high) to 0.9252 (2023 low) at 1.0303, even just as a correction to the down trend from 1.2004.
