Daily Pivots: (S1) 0.9926; (P) 0.9971; (R1) 1.0002; More….
EUR/CHF’s consolidation from 1.0095 is still extending and intraday bias stays neutral. Deeper fall to 0.9873 cannot be ruled out. But downside should be contained by 38.2% retracement of 0.9407 to 1.0095 at 0.9832 to bring rebound. For now, risk will stay on the downside as long as 1.0067 resistance holds, in case of recovery.
In the bigger picture, the initial rejection by 55 week EMA (now at 1.0039) mixed up the outlook. On the upside, sustained trading above 55 week EMA will raise the chance of bullish trend reversal. Rise from 0.9407 should then target 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484). However, firm break of 0.9832 support will revive medium term bearishness and bring retest of 0.9407 low instead.
