EUR/CHF Daily Forex Analysis
Our Daily Forex Analysis indicates that range trading persists in EUR/CHF, keeping the intraday bias neutral for the time being. A break above 0.9840 would signal a resumption of the choppy rebound from 0.9670. This would also strengthen the case that the entire corrective decline from the high of 2022 at 1.0095 has concluded at 0.9670. Further rally is expected, targeting the resistance level at 0.9878. However, if the price sustains trading below 0.9670, it would resume the overall downward movement from 1.0095.
In the bigger picture, the medium-term outlook remains bearish as the pair remains capped below the descending 55-week Exponential Moving Average (EMA), currently positioned at 0.9913. The downtrend from the high of 2018 at 1.2004 is favored to extend further towards 0.9407 at a later stage. Nonetheless, a decisive break of the 38.2% retracement level of the move from 1.1149 to 0.9407 would increase the likelihood of a bullish trend reversal.
EUR/CHF Daily Analysis Summary
Our Daily Forex Analysis suggests a neutral intraday bias for EUR/CHF, with the possibility of a bullish rebound if the price surpasses 0.9840. The bigger picture maintains a bearish outlook, although a significant break of the 38.2% retracement level could signal a potential trend reversal.
Key takeaways
- Intraday bias for EUR/CHF is currently neutral.
- A break above 0.9840 would indicate a resumption of the rebound from 0.9670.
- Sustained trading below 0.9670 would resume the overall downtrend.
