Daily Pivots: (S1) 0.9572; (P) 0.9586; (R1) 0.9601; More…
Intraday bias in EUR/CHF stays neutral as it’s still bounded in range trading. As long as 0.9600 resistance holds, downside breakout is in favor. Firm break of 0.9513 will resume larger fall from 1.0095 to 0.9407 low. Nevertheless, on the upside, sustained break of 0.9066 resistance will indicate that strong rebound is underway, and turn bias back to the upside for 0.9840 resistance.
In the bigger picture, medium term outlook is staying bearish as the cross is capped well below falling 55 W EMA (now at 0.9818). 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.
