Daily Pivots: (S1) 0.9646; (P) 0.9666; (R1) 0.9681; More…
A temporary top is formed at 0.9683 in EUR/CHF with current retreat. Intraday bias is turned neutral first. But further rally is expected as long as 0.9602 support intact. On the upside, above 0.9683 will resume the rise from 0.9513 to 38.2% retracement of 1.0095 to 0.9513 at 0.9735. Sustained break there will target 61.8% retracement at 0.9873.
In the bigger picture, medium term outlook will stay bearish as long as the cross is capped well below falling 55 W EMA (now at 0.9799). That is, down trend from 1.2004 (2018 high) could still resume through 0.9407 (2022 low). However, sustained trading above the 55 W EMA will raise the chance that 0.9470 is already a long term bottom. Further rise would then be seen to 1.0095 resistance to indicate bullish trend reversal.
