Mon, Jun 05, 2023 @ 06:50 GMT

EUR/CHF Daily Outlook

Daily Pivots: (S1) 0.9811; (P) 0.9829; (R1) 0.9846; More

EUR/CHF is losing some downside momentum as seen in 4H MACD, but further decline is still expected with 0.9889 resistance intact. The corrective pattern from 1.0095 might be extending with another falling leg. Deeper fall should be seen to 0.9704 support and possibly below. On the upside, though, break of 0.9889 minor resistance will turn intraday bias back to the upside for stronger rebound.

In the bigger picture, prior rejection by 55 W EMA (now at 0.9989) and 38.2% retracement of 1.1149 to 0.9407 at 1.0072 suggests that medium term outlook is staying bearish. That is, down trend from 1.2004 is not completed yet and is in favor to resume through 0.9407 at a later stage. However, decisive break of 1.0095 resistance will raise the chance of bullish trend reversal. Rise from 0.9407 should then target 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484).

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