Daily Pivots: (S1) 0.9389; (P) 0.9431; (R1) 0.9456; More….
Intraday bias in EUR/CHF remains on the downside for the moment. Corrective rebound from 0.9209 should have completed at 0.9579 after rejection by 55 D EMA. Deeper fall should be seen to 61.8% retracement of 0.9209 to 0.9579 at 0.9350. Firm break there will bring retest of 0.9209 low. On the upside, however, break of 0.9497 minor resistance will turn bias back to the upside for 0.9579 resistance instead.
In the bigger picture, 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.
