Daily Pivots: (S1) 0.9435; (P) 0.9504; (R1) 0.9551; More…
EUR/CHF recovers notably today but outlook stays bearish with 0.9557 resistance intact. Current fall is part of the whole down trend from 1.0095. Next target is 0.9407 medium term bottom. Nevertheless, break of 0.9557 will indicate short term bottoming and bring stronger rebound.
In the bigger picture, medium term outlook remains bearish with the cross capped well below falling 55 W EMA (now at 0.9782). Firm break of 0.9407 (2022 low) will confirm resumption of larger down trend from 1.2004 (2018 high). Next target will be 61.8% projection of 1.1149 to 0.9407 from 1.0095 at 0.9018. On the upside, break of 0.9691 resistance is needed to indicate medium term bottoming. Otherwise, outlook will stay bearish.
