Daily Pivots: (S1) 0.9621; (P) 0.9633; (R1) 0.9646; More…
Intraday bias in EUR/CHF stays neutral as range trading continues below 0.9651. Another dip cannot be ruled out. But downside should be contained by 0.9564 support to bring another rally. On the upside, break of 0.9651 will resume the rise from 0.9416 to 0.9691 resistance first. Firm break there will argue that whole decline from 1.0095 has completed at 0.9416, just ahead of 0.9407 support (2022 low).
In the bigger picture, fall from 1.0095 (2023 high) might have completed at 0.9416, just ahead of 0.9407 support (2022 low). Sustained break of 0.9691 cluster resistance (38.2% retracement of 1.0095 to 0.9416 at 0.9675) will pave the way to 61.8% retracement at 0.9836 and above. However, rejection by 0.9691 will maintain medium term bearishness for another test on 0.9407 at least.
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