Daily Pivots: (S1) 0.9412; (P) 0.9430; (R1) 0.9444; More…
EUR/CHF recovered after dipping to 0.9395 and intraday bias stays neutral first. Still, with 0.9543 resistance intact, deeper decline is expected. On the downside, firm break of 0.9407 key support will confirm larger down trend resumption. Next target is 61.8% projection of 0.9995 to 0.9416 from 0.9683 at 0.9325. However, sustained break of 0.9543 will bring further rally back to 0.9683 resistance instead.
In the bigger picture, medium term outlook remains bearish as long as 0.9683 resistance holds. Firm break of 0.9407 (2022 low) will resume long term down trend. Next target will be 61.8% projection of 1.1149 (2020 high) to 0.9407 from 1.0095 at 0.9018.
