Daily Pivots: (S1) 0.9334; (P) 0.9366; (R1) 0.9381; More….
Intraday bias in EUR/CHF remains on the downside for 0.9317 support. Overall outlook is unchanged that corrective pattern from 0.9218 might have completed with three waves up to 0.9452 already. Break of 0.9317 will solidify this bearish case and target 0.9265 support, and then 0.9204 low. For now, risk will stay on the downside as long as 0.9394 resistance holds, in case of recovery.
In the bigger picture, the down trend from 0.9204 (2018 high) might still be in progress considering that EUR/CHF is staying well inside the long term falling channel. However, with bullish convergence condition in W MACD, downside potential should be limited in case of another fall. Instead, firm break of 0.9660 resistance will be an important sign of medium term bullish trend reversal.
