Daily Pivots: (S1) 0.9861; (P) 0.9875; (R1) 0.9891; More…
Range trading continues in EUR/CHF and intraday bias remains neutral for the moment. With 0.9837 support intact, rise from 0.9704 is still in favor to resume later. Break of 0.9995 will target a retest on 1.0067 high. However, firm break of 0.9837 will indicate that the rebound has completed, and turn bias back to the downside for retesting 0.9704 low.
In the bigger picture, prior rejection by 55 week EMA (now at 1.1002) and 38.2% retracement of 1.1149 to 0.9407 at 1.0072 suggests that medium term outlook is staying bearish. That is, down trend from 1.2004 is not completed yet and is in favor to resume through 0.9407 at a later stage. However, decisive break of 1.0095 resistance will raise the chance of bullish trend reversal. Rise from 0.9407 should then target 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484).
