Daily Forex Analysis – EUR/CHF
At present, the EUR/CHF currency pair demonstrates a downward inclination in its intraday stance. The ongoing drop, originating from the 1.0099 level, is marching towards the medium-term base of 0.9411. A decisive breach of this mark would indicate a pronounced downward trend. Conversely, to signify the establishment of a short-term floor, the currency pair would need to break past the 0.9536 resistance. Without this development, even a temporary recovery would still be framed within a bearish context.
From a more extended perspective, the medium-term prognosis for EUR/CHF remains tilted to the downside, especially with the pair consistently trading under the declining 55 W EMA, which is currently pegged at 0.9786. A concrete drop below the 2022 low of 0.9411 would solidify the resumption of a substantial downtrend that began from the 2018 pinnacle of 1.2008. Should this bearish trajectory persist, the next anticipated milestone would be the 61.8% projection of the movement from 1.1153 to 0.9411, setting sights on 0.9022. However, for a signal that the medium-term base has been established, an ascend past the 0.9695 resistance would be necessary. Absent this, the bearish sentiment is likely to prevail.
Analysis Summary
EUR/CHF’s intraday movement leans downward, targeting the 0.9411 level. The broader trend also remains bearish, with key resistance and support levels dictating future directions.
Key Points
- EUR/CHF is on a downward journey, eyeing 0.9411.
- A breakout above 0.9536 could hint at short-term bottoming.
- The overarching trend is bearish unless 0.9695 is surpassed.
