Daily Pivots: (S1) 0.9222; (P) 0.9244; (R1) 0.9280; More….
EUR/CHF’s extended rebound suggests that a short term bottom was already formed at 0.9178, and lengthier consolidations would be seen. Still, outlook will remain bearish as long as 0.9325 resistance holds. Firm break of 0.9178 will resume larger down trend.
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 0.9377). Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. Break of 0.9452 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.
