Daily Pivots: (S1) 0.9382; (P) 0.9412; (R1) 0.9428; More….
No change in EUR/CHF’s outlook as range trading continues. Intraday bias stays neutral for the moment. On the downside, break of 0.9331 will resume the fall from 0.9579 towards 0.9209 low. On the upside, break of 0.9444 will turn intraday bias to the upside for 0.9506 resistance and above.
In the bigger picture, fall from 0.9928 is seen as part of the long term down trend. Repeated rejection by 55 D EMA (now at 0.9421) keeps outlook bearish for breaking through 0.9209 low at a later stage. Nevertheless, sustained trading above 55 D EMA will confirm medium term bottoming at 0.9209 and bring stronger rebound back towards 0.9928 key resistance.
