EUR/CHF Daily Outlook

Daily Pivots: (S1) 0.9809; (P) 0.9847; (R1) 0.9880; More….

EUR/CHF continues to lose upside momentum. But further rally is expected with 0.8720 support intact. On the upside, firm break of 61.8% projection of 0.9407 to 0.9798 from 0.9641 at 0.9883 will solidify the case of medium term bottoming and target 100% projection at 1.0032.

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 1.0128), even as a corrective rebound. Nevertheless, rejection by 0.9864 will bring down trend resumption through 0.9407 next.

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