EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.0004; (P) 1.0050; (R1) 1.0081; More….

Intraday bias in EUR/CHF remains neutral for consolidation below 1.0095 temporary top. Downside of retreat should be contained by 0.9953 resistance turned support to bring another rally. On the upside, break of 1.0095 will resume the rise to 100% projection of 0.9407 to 0.9953 from 0.9720 at 1.0266 next.

In the bigger picture, break of 38.2% retracement of 1.1149 to 0.9407 at 1.0072 and 55 week EMA (now at 1.0041) is taken as an initial sign of long term bullish reversal. Further rally is expected as long as 55 days EMA (now at 0.9866) holds. Next target is 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484). Reactions from there should reveal long term momentum.

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