Daily Pivots: (S1) 0.9288; (P) 0.9330; (R1) 0.9357; More….
Intraday bias in EUR/CHF remains neutral as range trading continues. On the upside, break of 0.9365 will be the first sign that corrective pattern from 0.9445 has already completed. Further rise should then be seen to 0.9428/45 resistance zone. However, decisive break of 0.9292 will bring retest of 0.9218 instead.
In the bigger picture, while downside momentum has been diminishing as seen in W MACD, there is no sign of bottoming yet. EUR/CHF is still staying below 55 W EMA (now at 0.9424) and well inside long term falling channel. Outlook will stay bearish as long as 0.9660 resistance holds. Break of 0.9204 (2024 low) will confirm resumption of down trend from 1.2004 (2018 high).
