Daily Forex Analysis – EUR/CHF
The Intraday Analysis for the EUR/CHF pair appears neutral, witnessing an ongoing consolidation period from 0.9695. A sustained rally is anticipated to prevail as long as the support at 0.9621 remains unbroken. A breakthrough above 0.9695 would mark a resumption of the rebound from 0.9517, aiming for the 38.2% retracement at 0.9739 of the fall from 1.0099 to 0.9517. Conversely, a decisive breach of 0.9621 support would alter the bias to the downside, putting the 0.9517 low back into focus for retesting.
Surveying the broader perspective, the medium-term outlook retains its bearish complexion, as long as the pair remains substantially below the descending 55 W EMA, presently at 0.9808. This implies that the downtrend, originating from the 1.2008 high of 2018, could potentially extend to and through the 0.9411 low of 2022. Nonetheless, a consistent trade above the 55 W EMA would enhance the probability that 0.9474 is established as a long-term bottom. In such a scenario, we would witness further elevation toward the 1.0099 resistance, signaling a potential reversal to a bullish trend.
Analysis Summary
Within the scope of Daily Forex Analysis, the Daily Analysis of EUR/CHF manifests a neutral intraday bias amidst continuous consolidation, with potential rallies being contingent on the enduring support at 0.9621. A sustained breach or adherence to critical support and resistance levels in the medium term will be pivotal in determining the continuation or reversal of prevailing trends.
Key Points
- The EUR/CHF pair is experiencing a consolidation at 0.9695 with a neutral Intraday Outlook.
- The medium-term outlook is bearish; a further drop through 0.9411 (2022 low) is conceivable unless a sustained trade above 55 W EMA occurs.
- A potential long-term bottom might be forming at 0.9474 if trading persists above the critical EMA.
