EUR/CHF Daily Outlook

Daily Pivots: (S1) 0.9801; (P) 0.9826; (R1) 0.9842; More….

EUR/CHF continues to lose upside momentum as seen in 4 hour MACD but there is not sign of topping. Intraday bias stays on the upside for 61.8% projection of 0.9407 to 0.9798 from 0.9641 at 0.9883. Decisive break there will solidify the case of medium term bottoming and target 100% projection at 1.0032. On the downside, below 0.9740 minor support will turn intraday bias neutral first.

In the bigger picture, considering bullish condition in daily MACD, firm break of 0.9864 resistance will confirm medium term bottoming at 0.9407. Stronger rally should then be seen to 55 week EMA (now at 1.0138), even as a corrective rebound. Nevertheless, rejection by 0.9864 will bring down trend resumption through 0.9407 next.

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