Daily Pivots: (S1) 0.9626; (P) 0.9661; (R1) 0.9692; More…
EUR/CHF’s decline from 1.0095 resumed by breaking through 0.9670 decisively. And intraday bias is now on the downside. Current fall would target 100% projection of 0.9995 to 0.9670 from 0.9840 at 0.9515. On the upside, break of 0.9721 support turned resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, medium term outlook is staying bearish as the pair is capped below falling 55 W EMA (now at 0.9913). Down trend form 1.2004 (2018 high) is in favor to extend through 0.9407 at a later stage. Nevertheless, decisive break of 38.2% retracement of 1.1149 to 0.9407 will raise the chance of bullish trend reversal.
