Daily Pivots: (S1) 0.9529; (P) 0.9545; (R1) 0.9574; More…
EUR/CHF’s rally re-accelerates today and breaks through 0.9575 fibonacci resistance. There is no sign of topping yet and intraday bias stays on the upside. Next target will be 161.8% projection of 0.9252 to 0.9471 from 0.9304 at 0.9658 next. For now, further rally is expected as long as 0.9510 support holds, in case of retreat.
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). 38.2% retracement of 1.0095 to 0.9252 at 0.9574is already met. But overall medium term outlook will remain bearish as long as 0.9683 resistance holds.
