Daily Pivots: (S1) 0.9428; (P) 0.9444; (R1) 0.9466; More….
EUR/CHF is still bounded in range of 0.9424/9516 and intraday bias remains neutral. On the downside, firm break of 0.9424 support will indicate rejection by 38.2% retracement of 0.9928 to 0.9204 at 0.9481. Deeper fall would then be seen back to channel support (now at 0.9377). However, strong rebound from current level will keep the choppy rally from 0.9204 intact.
In the bigger picture, fall from 0.9928 should have completed at 0.9204 with the current strong rebound, after failing to sustain below 0.9252 (2023 low). It’s still early to confirm long term bullish reversal. But even as a corrective move, current rebound could extend to 61.8% retracement of 0.9928 to 0.9204 at 0.9651. On the downside, firm break of 55 D EMA (now at 0.9390) will maintain medium term bearishness and bring retest of 0.9204 low.
. However, strong rebound from current level will keep the choppy rally from 0.9204 intact.){kind=link}