Daily Pivots: (S1) 0.9613; (P) 0.9636; (R1) 0.9669; More…
Intraday bias in EUR/CHF is turned neutral with current recovery, but outlook stays bearish as long as 0.9684 resistance holds. On the downside, break of 0.9601 will resume the whole decline from 1.0095 to 100% projection of 0.9995 to 0.9670 from 0.9840 at 0.9515. On the upside, however, break of 0.9684 will indicate short term bottoming, and bring stronger rebound.
In the bigger picture, medium term outlook is staying bearish as the pair is capped below falling 55 W EMA (now at 0.9913). Down trend form 1.2004 (2018 high) is in favor to extend through 0.9407 at a later stage. Nevertheless, decisive break of 38.2% retracement of 1.1149 to 0.9407 will raise the chance of bullish trend reversal.
