EUR/CHF Daily Outlook

Daily Pivots: (S1) 0.9470; (P) 0.9533; (R1) 0.9593; More

Intraday bias in EUR/CHF stays on the downside at this point. Sustained break of 61.8% retracement level of 0.9416 to 0.9683 at 0.9518 will pave the way to retest 0.9416 low. On the upside, above 0.9566 minor resistance will turn intraday bias neutral first.

In the bigger picture, rejection by 0.9691 cluster resistance (38.2% retracement of 1.0095 to 0.9416 at 0.9675) maintains medium term bearishness in EUR/CHF. That is, down trend from (1.0095) might not be over yet. Deeper decline would be seen back to 0.9407.16 key support zone. Firm break there will resume long term down trend. For now, outlook will be neutral at best as long as 0.9691 holds.

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