Daily Pivots: (S1) 0.9546; (P) 0.9563; (R1) 0.9581; More…
Intraday bias in EUR/CHF is back on the downside, as fall from 0.9691 resumed by breaking through 0.9557. Deeper fall would be seen to retest 0.9513 low first. Decisive break there will resume larger down trend from 1.0095. On the upside, above 0.9612 will turn bias back to the upside for 0.9691 instead.
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 0.9793). 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.
