Daily Pivots: (S1) 0.9681; (P) 0.9703; (R1) 0.9729; More…
Outlook in EUR/CHF is staying unchanged. The corrective pattern from 1.0095 could be contained by 61.8% retracement of 0.9407 to 1.0095 at 0.9670. On the upside, break of 0.9760 resistance should confirm short term bottoming and turn bias back to the upside for stronger rebound. However, sustained break of 0.9670 will pave the way back to 0.9407 low.
In the bigger picture, prior rejection by 38.2% retracement of 1.1149 to 0.9407 at 1.0072 suggests that medium term outlook is staying bearish. The pair is also capped below 55 W EMA (now at 0.9963). 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).
