Daily Pivots: (S1) 0.9480; (P) 0.9522; (R1) 0.9549; More….
EUR/CHF’s fall from 0.9928 resumed by breaking through 0.9476 support. Intraday bias is now on the downside. Further decline should be seen to 100% projection of 0.9928 to 0.94767 from 0.9772 at 0.9320. On the upside, break of 0.9605 resistance is needed to confirm short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, with 1.0095 key medium term resistance intact, price actions from 0.9252 (2023 low) are seen as a corrective pattern. Fall from 0.9928 is seen as the second leg that’s in progress to retest 0.9252 low. But strong support should be seen there to extend the corrective pattern with another rising leg. In any case, medium term outlook will be neutral at best as long as 1.0095 structural resistance holds.
