Daily Pivots: (S1) 0.9847; (P) 0.9879; (R1) 0.9894; More….
EUR/CHF’s break of 0.9880 support confirms short term topping at 0.9928. Intraday bias is back on the downside. Deeper fall would be seen to 38.2% retracement of 0.9563 to 0.9928 at 0.9789. On the upside, break of 0.9880 minor resistance will turn intraday bias neutral first. But risk will now stay mildly on the downside as long as 0.9928 resistance holds, in case of recovery.
In the bigger picture, as long as 0.9728 support holds, rise from 0.9252 medium term bottom is still in favor to continue. Next target is 38.2% retracement of 1.2004 (2018 high) to 0.9252 (2023 low) at 1.0303, even just as a correction to the down trend from 1.2004. However, firm break of 0.9728 will raise the chance of bearish reversal and turn focus to 0.9563 support for confirmation.
