Daily Pivots: (S1) 0.9521; (P) 0.9576; (R1) 0.9605; More…
Intraday bias in EUR/CHF stays on the downside at this point. Current fall is part of larger decline from 1.0095. Next target is 100% projection of 0.9995 to 0.9670 from 0.9840 at 0.9515. On the upside, above 0.9586 minor resistance will turn intraday bias neutral and bring consolidations first.
In the bigger picture, medium term outlook is staying bearish as the pair is capped well below falling 55 W EMA (now at 0.9889). Down trend from 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.
