Daily Pivots: (S1) 0.9541; (P) 0.9555; (R1) 0.9565; More…
Range trading continues in EUR/CHF and intraday bias remains neutral at this point. Further decline is expected as long as 0.9599 resistance. Break of 0.9513 will target 61.8% projection of 0.9840 to 0.9520 from 0.9646 at 0.9448.
In the bigger picture, medium term outlook is staying bearish as the pair is capped well below falling 55 W EMA (now at 0.9839). 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 0.9670 support turned resistance holds, in case of strong rebound.
