Daily Pivots: (S1) 0.9434; (P) 0.9449; (R1) 0.9460; More…
EUR/CHF’s consolidation from 0.9471 is in progress and intraday bias stays neutral for the moment. Further rally is expected as long as 0.9404 minor support holds. Above 0.9471 will resume the rebound from 0.9252, as a correction to whole decline from 1.0095. Next target will be 38.2% retracement of 1.0095 to 0.9252 at 0.9574. However, break of 0.9404 will turn bias to the downside for deeper fall.
In the bigger picture, medium term outlook remains bearish as long as 0.9683 resistance holds. Current fall from 1.2004 (2018 high) is part of the multi-decade down trend. Another decline is in favor after rebound from 0.9252 completes. However, firm break of 0.9683, and sustained trading above 55 W EMA (now at 0.9659) will argue that EUR/CHF is already in a medium term rally, even as a corrective move.
