Daily Pivots: (S1) 0.9894; (P) 0.9930; (R1) 1.0001; More…
Intraday bias in EUR/CHF stays on the upside for the moment. Current development argues that decline from 1.0095 has completed as a correction, with three waves down to 0.9704. Further rally would be seen to 1.0040 resistance first. Firm break there would argue that larger rise from 0.9407 is resuming through 1.0095. On the downside, though, break of 0.9856 minor support will turn intraday bias neutral first.
In the bigger picture, prior rejection by 55 week EMA (now at 1.0011) and 38.2% retracement of 1.1149 to 0.9407 at 1.0072 suggests that medium term outlook is staying bearish. That is, down trend from 1.2004 is not completed yet and is in favor to resume through 0.9407 at a later stage. However, decisive break of 1.0095 resistance 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).
