Daily Pivots: (S1) 0.9349; (P) 0.9364; (R1) 0.9388; More….
As long as 0.9444 resistance holds, further decline is still expected in EUR/CHF despite weak momentum as seen in 4H MACD. As noted before, rebound from 0.9209 could have completed at 0.9579 already, ahead of 55 D EMA. Deeper fall should be seen to retest 0.9209 first. Firm break there will resume larger down trend. However, break of 0.9444 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.
