Daily Pivots: (S1) 0.9532; (P) 0.9545; (R1) 0.9562; More…
EUR/CHF’s rally is in progress for 0.9574 fibonacci resistance. Considering loss of momentum as seen in 4H MACD, upside could be limited there, at least on first attempt. On the downside, break of 0.9466 support will indicate short term topping, and turn bias back to the downside.
In the bigger picture, price actions from 0.9252 are tentatively seen as a correction to the five-wave down trend from 1.0095 (2023 high). Further rise would be seen to 38.2% retracement of 1.0095 to 0.9252 at 0.9574 and possibly above. But overall medium term outlook will remain bearish as long as 0.9683 resistance holds.
