EUR/CHF’s retreat form 0.9234 extended lower today, but downside is contained well above 0.9155 support. Intraday bias remains neutral and further rally is still in favor. On the upside, above 0.9234 will bring retest of 0.9264 first. Firm break there will resume the rally from 0.8979 to 100% projection of 0.8979 to 0.9264 from 0.9094 at 0.9379. However, decisive break of 0.9155 will turn bias back to the downside for 0.9094 support instead.
In the bigger picture, as long as 0.9394 resistance holds, down trend from 0.9928 (2024 high) could still be in progress. Firm break of 0.8979 will confirm down trend resumption. However, decisive break of 0.9394 will be an important sign of medium term bullish reversal.
