EUR/CHF Mid-Day Outlook – ActionForex
Daily Pivots: (S1) 0.9052; (P) 0.9097; (R1) 0.9133; More….
Intraday bias in EUR/CHF is turned neutral first with current rebound. Price actions from 0.9026 are viewed as a near term consolidation pattern only. Hence, upside should be limited by 0.9168 cluster resistance (38.2% retracement of 0.9394 to 0.9026 at 0.9167). Another fall below 0.9026 to resume the larger down trend is expected at a later stage. However, decisive break of 0.9167/8 will bring stronger rebound to 55 D EMA (now at 0.9199) and possibly above.
In the bigger picture, down trend from 0.9928 (2024 high) is still in progress. Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. Outlook will stay bearish as long as 0.9394 resistance holds, in case of rebound.
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