Daily Pivots: (S1) 0.9321; (P) 0.9395; (R1) 0.9488; More….
EUR/CHF’s recovery from 0.9209 extended higher but upside is capped below 0.9476 support turned resistance. Intraday bias remains neutral and further decline is still expected. On the downside, below 0.9333 minor support will bring retest of 0.9209 first. Firm break there will resume larger fall from 0.9928 to 161.8% projection of 0.9928 to 0.94767 from 0.9772 at 0.9041 next. However, sustained break of 0.9476 will turn bias back to the upside for stronger rebound.
In the bigger picture, current downside acceleration argues that medium term corrective pattern from 0.9407 (2022 low) might have completed with three waves to 0.9928. Decisive break of 0.9252 (2023 low) will confirm long term down trend resumption. Next target will be 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. For now, outlook will stay bearish as long as 0.9928 resistance holds, even in case of strong rebound.
