Daily Pivots: (S1) 0.9517; (P) 0.9536; (R1) 0.9557; More…
Intraday bias in EUR/CHF remains on the downside for the moment. Current fall from 1.0095 should target 61.8% projection of 0.9840 to 0.9520 from 0.9646 at 0.9448. On the upside, break of 0.9599 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, medium term outlook is staying bearish as the pair is capped well below falling 55 W EMA (now at 0.9849). Down trend from 1.2004 (2018 high) is in favor to continue. Sustained break of 0.9407 will target 61.8% projection of 1.1149 to 0.9407 from 1.0095 at 0.9018. For now, this will remain the favored case as long as 0.9670 support turned resistance holds, in case of strong rebound.
