EUR/CHF Daily Forex Analysis
Our daily forex analysis today revolves around the EUR/CHF pair. Presently, the intraday bias for EUR/CHF remains neutral as we see recent sideways trades taking a longer course. A firm upward break of 0.9843 would reignite the choppy rebound from the 0.9673 mark. This upward motion would also bring back into focus the possibility that the entire corrective decline from 1.0098 may have culminated at 0.9673. Should this be the case, we can expect a further rally toward the 0.9881 resistance.
However, continuous trade beneath the 0.9673 point could restart the entire fall originating from the high of 1.0098. The daily analysis suggests the need to closely monitor this potential development.
Taking a step back to view the larger picture, the medium-term outlook remains bearish. The EUR/CHF pair is still trapped under the falling 55 W EMA, which is now positioned at 0.9916. This suggests that the downtrend from the 1.2007 high of 2018 may be likely to continue toward the 0.9410 level at a later stage. However, a decisive break of the 38.2% retracement of 1.1152 to 0.9410 could elevate the probability of a reversal in the bullish trend.
EUR/CHF Daily Analysis Summary
To recap our EUR/CHF intraday analysis, the intraday bias remains neutral due to extended sideways trading. The overall outlook leans towards bearish unless the pair sees a decisive break of the 38.2% retracement. The pair’s future behavior will largely depend on its performance relative to the 0.9673 support level and the 0.9881 resistance level.
Key Points
- The EUR/CHF pair’s intraday bias stays neutral amid extended sideways trading.
- Continuous trade beneath 0.9673 may resume the entire fall from 1.0098.
- Despite the overall bearish outlook, a decisive break of the 38.2% retracement could hint at a potential bullish trend reversal.
