Daily Pivots: (S1) 0.9235; (P) 0.9310; (R1) 0.9408; More….
EUR/CHF recovered after hitting 0.9029 and intraday bias is turned neutral for consolidations first. But near term outlook will stay bearish as long as 0.9476 support turned resistance holds. Below 0.9209 will target 161.8% projection of 0.9928 to 0.94767 from 0.9772 at 0.9041 next.
In the bigger picture, current downside acceleration argues that medium term corrective pattern from 0.9407 (2022 low) might have completed with three waves to 0.9928. Decisive break of 0.9252 (2023 low) will confirm long term down trend resumption. Next target will be 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. For now, outlook will stay bearish as long as 0.9928 resistance holds, even in case of strong rebound.
