Daily Pivots: (S1) 0.9517; (P) 0.9538; (R1) 0.9548; More…
Intraday bias in EUR/CHF is turned neutral again with current retreat. Considering loss of momentum as seen in 4H MACD, in case of another rise, upside should be limited by 0.9574 fibonacci resistance. On the downside, break of 0.9466 support will argue that rebound from 0.9252 has completed as a three-wave correction. Outlook will be turned bearish for retesting 0.9252/9304 support zone.
In the bigger picture, price actions from 0.9252 are tentatively seen as a correction to the five-wave down trend from 1.0095 (2023 high). Further rise would be seen to 38.2% retracement of 1.0095 to 0.9252 at 0.9574 and possibly above. But overall medium term outlook will remain bearish as long as 0.9683 resistance holds.
