Thu, Jun 01, 2023 @ 02:39 GMT

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.0547; (P) 1.0574; (R1) 1.0628; More….

Intraday bias in EUR/CHF remains on the upside at this point. Rise from 1.2098 medium term bottom should target 8.2% retracement of 1.1149 to 1.0298 at 1.0623 first. Sustained trading above there will raise the chance of trend reversal and target 61.8% retracement at 1.0824 next. On the downside, below 1.0511 minor support will turn bias neutral and bring consolidation first, before staging another rally.

In the bigger picture, current development suggests that a medium term bottom is formed at 1.0298 on bullish convergence condition in daily MACD. Rebound from there is still tentatively viewed part of a corrective pattern. That is, larger down trend from 1.2004 (2018) could still extend through 1.0298 to 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223. However, sustained trading above 55 week EMA (now at 1.0673) will argue that the down trend is over, and bring stronger rise back to 1.1149 next.

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