Daily Pivots: (S1) 0.9732; (P) 0.9781; (R1) 0.9816; More…
EUR/CHF’s break of 0.9748 support argues that rebound from 0.9563 has completed after rejection by 0.9847 resistance. Intraday bias is back on the downside. Further fall would be seen towards 0.9563 as the third leg of the corrective pattern from 0.9847.
In the bigger picture, as long as 0.9563 support holds, rise from 0.9252 medium term bottom is still in favor to continue. Break of 0.9847 resistance will target 38.2% retracement of 1.2004 (2018 high) to 0.9252 (2023 low) at 1.0303, even as a correction to the down trend from 1.2004.
