Daily Pivots: (S1) 0.9562; (P) 0.9580; (R1) 0.9614; More…
EUR/CHF failed to sustain above 0.9599 resistance after breaching it briefly. Intraday bias remains neutral first. On the downside, firm break of 0.9513 will resume larger down trend from 1.0095, towards 0.9407 low. Nevertheless, firm break of 0.9599 will bring stronger rise to 0.9646 resistance next.
In the bigger picture, medium term outlook is staying bearish as the pair is capped well below falling 55 W EMA (now at 0.9829). 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.
