Daily Pivots: (S1) 0.9863; (P) 0.9897; (R1) 0.9925; More…
EUR/CHF is staying above 0.9837 minor support despite today’s decline. Intraday bias stays neutral and another rise is in favor. Break of 0.9995 resistance will resume the rebound from 0.9704 to retest 1.0067 high. However, break of 0.9837 will dampen this bullish view and turn bias back to the downside for 0.9704 support instead.
In the bigger picture, prior rejection by 55 week EMA (now at 1.1002) 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).
