Daily Pivots: (S1) 0.9166; (P) 0.9288; (R1) 0.9350; More….
EUR/CHF’s fall from 0.9660 resumed after brief recovery and intraday bias is back on the downside. Firm break of 0.9204 key support will confirm larger down trend resumption. On the upside, break of 0.9408 resistance is needed to confirm short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, rejection by long-term falling channel resistance (now at 0.9600) retains medium term bearishness. That is, down trend from 1.2004 (2018 high) is still in progress. Firm break of 0.9204 (2024 low) will confirm resumption. Next target is 100% projection of 0.9928 to 0.9204 from 0.9660 at 0.8936.
