Daily Forex Analysis – EUR/CHF
The EUR/CHF currency pair currently displays a neutral intraday bias, with its future outlook standing firm. As the 0.9621 support remains intact, we can anticipate a further ascent. A climb above 0.9695 is likely to invigorate the recovery initiated from 0.9517, targeting the 38.2% retracement at 0.9739 stemming from the 1.0099 to 0.9517 range. Conversely, a strong descent below 0.9621 would redirect the momentum downwards, aiming for the 0.9517 trough.
Broadening our view, a persistently bearish medium-term sentiment surrounds the pair as it continues to hover significantly beneath the descending 55 Weak EMA, currently located at 0.9808. This suggests that the downtrend, originating from the 1.2008 peak in 2018, might very well venture past the 0.9411 low recorded in 2022. Nevertheless, should the pair maintain its position above the 55 W EMA, it could imply that 0.9474 might already serve as a long-term foundational base. An ensuing upward movement could challenge the 1.0099 resistance, heralding a potential bullish trend shift.
Analysis Summary
The EUR/CHF remains in a neutral stance intraday. While 0.9621 serves as a pivotal support, surpassing 0.9695 could rejuvenate the rally. Broadly, the 55 Weak EMA at 0.9808 will be decisive in dictating future trend dynamics.
Key Points
- EUR/CHF contemplates further ascent above 0.9621 support.
- A potential rally could target the 0.9739 retracement level.
- Broad perspective sees the 55 W EMA at 0.9808 as a key determinant.
