Daily Pivots: (S1) 0.9267; (P) 0.9281; (R1) 0.9310; More….
Intraday bias in EUR/CHF remains neutral first and more sideway trading could be seen. Still, outlook will remain bearish as long as 0.9325 resistance holds. Firm break of 0.9178 will resume larger down trend. However, break of 0.9325 will bring stronger rally back towards 0.9452 resistance.
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.
