Daily Pivots: (S1) 0.9305; (P) 0.9348; (R1) 0.9373; More…
EUR/CHF’s fall from 0.9471 is still in progress and intraday bias stays on the downside. At this point, strong support is still expected above 0.9252 low to bring rebound. On the upside, above 0.9388 minor resistance will turn bias back to the upside. Further break of 0.9471 will resume the rebound from 0.9252 to 38.2% retracement of 1.0095 to 0.9252 at 0.9574. However, decisive break of 0.9252 will resume whole down rend from 1.0095.
In the bigger picture, medium term outlook remains bearish as long as 0.9683 resistance holds. Current fall from 1.2004 (2018 high) is part of the multi-decade down trend. Another decline is in favor after rebound from 0.9252 completes. However, firm break of 0.9683, and sustained trading above 55 W EMA (now at 0.9638) will argue that EUR/CHF is already in a medium term rally, even as a corrective move.
