Daily Pivots: (S1) 0.9386; (P) 0.9405; (R1) 0.9427; More….
EUR/CHF’s break of 0.9444 resistance suggests that pull back from 0.9579 has completed at 0.9305 already. Rise from there is seen as the third leg of the pattern from 0.9209. Intraday bias is back on the upside for 0.9579 resistance next. On the downside, below 0.9380 minor support will turn bias back to the downside for 0.9305 support 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.
