Daily Pivots: (S1) 0.9532; (P) 0.9547; (R1) 0.9559; More…
EUR/CHF’s decline continues today and intraday bias stays on the downside for 100% projection of 0.9995 to 0.9670 from 0.9840 at 0.9515. Firm break there will pave the way to 0.9407 low. On the upside, above 0.9560 minor resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 0.9670 support turned resistance holds.
In the bigger picture, medium term outlook is staying bearish as the pair is capped well below falling 55 W EMA (now at 0.9876). Down trend from 1.2004 (2018 high) is in favor to continue. Sustained break of 0.9407 will target 61.8% projection of 1.1149 to 0.9407 from 1.0095 at 0.9018. For now, this will remain the favored case as long as 0.9840 resistance holds, in case of strong rebound.
