Daily Forex Analysis – EUR/CHF
In today’s Daily Forex Analysis, the Intraday Outlook for EUR/CHF remains largely neutral amid ongoing sideways movement. The pair is likely to lean bearish if the 0.9602 resistance level remains intact. Should it break through the 0.9515 support, a more significant drop could be on the horizon, targeting the 0.9409 low. Conversely, a decisive move above 0.9068 could signal a robust rebound, flipping the intraday bias towards the 0.9842 resistance level.
Expanding on our Daily Analysis, the long-term scenario remains tilted towards bearishness. Currently, the 55 W EMA stands at 0.9820, effectively capping any potential rallies. The downtrend that originated from the 2018 high of 1.2004 is likely to continue, especially if the 0.9409 support level breaks. A break below this point would set the stage for a fall to the 0.9020 level, which corresponds to a 61.8% projection from the 1.0097 high. This bearish bias will remain the favored case as long as the 0.9672 resistance level holds, even if there’s a robust rebound.
Analysis Summary
In today’s Daily Forex Analysis, EUR/CHF remains neutral in the short-term, but the medium to long-term outlook stays bearish. The market is watching resistance at 0.9602 and support at 0.9515 closely for a definitive directional move.
Key Points
- 0.9602 acts as the current resistance, keeping intraday outlook neutral to bearish.
- 0.9515 is the key support level to watch for a more significant downside.
- Long-term outlook remains bearish with 0.9672 as the key resistance to beat for a trend reversal.
