Daily Pivots: (S1) 0.9529; (P) 0.9545; (R1) 0.9574; More…
EUR/CHF’s rally resumed after brief consolidations, and getting support from 4H MACD. Intraday bias is back on the upside for 0.9574 fibonacci resistance. Firm break there will target 161.8% projection of 0.9252 to 0.9471 from 0.9304 at 0.9658 next. On the downside, below 0.9501 support will turn intraday bias neutral first.
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.
