Daily Pivots: (S1) 0.9229; (P) 0.9253; (R1) 0.9273; More….
EUR/CHF’s break of 0.9257 support suggests the rebound from 0.9208 has completed as a correction at 0.9325, after rejection by 55 D EMA (now at 0.9302). Intraday bias back on the downside for retesting 0.9204/8 support zone. Decisive break there will confirm larger down trend resumption. For now, risk will stay on the downside as long as 0.9325 resistance holds, in case of recovery.
In the bigger picture, outlook remains bearish with EUR/CHF staying well inside long term falling channel after multiple rejection by 55 W EMA (now at 0.9383). Firm break of 0.9204 will resume the whole down trend from 1.2004 (2018 high). Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. However, break of 0.9452 resistance will now be the first sign of medium term bottoming.
. Intraday bias back on the downside for retesting 0.9204/8 support zone. Decisive break there will confirm larger down trend resumption. For now, risk will stay on the downside as long as 0.9325 resistance holds, in case of recovery.){kind=link}