Daily Pivots: (S1) 0.9330; (P) 0.9385; (R1) 0.9415; More….
EUR/CHF dives through 100% projection of 0.9928 to 0.94767 from 0.9772 at 0.9320 today. Breach of 0.9252 low argues that larger down trend might be resuming. Intraday bias stays on the downside for 161.8% projection at 0.9041 next. On the upside, above 0.9382 minor resistance will turn intraday bias neutral first.
In the bigger picture, current downside acceleration argues that medium term corrective pattern from 0.9407 (2022 low) might have completed with three waves to 0.9928. Decisive break of 0.9252 (2023 low) will confirm long term down trend resumption. Next target will be 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. For now, outlook will stay bearish as long as 0.9928 resistance holds, even in case of strong rebound.
