EUR/CHFUpdate and Intraday Analysis
The intraday bias for EUR/CHF remains neutral, with the outlook unchanged. A firm breakthrough above 0.9764 would confirm a short-term bottoming pattern, following the recent test of the 61.8% retracement level of the range from 0.9407 to 1.0099, observed at 0.9674. Once this breakthrough occurs, the intraday bias will shift toward the upside, targeting the next resistance level at 0.9882. However, it is important to note that a sustained break below 0.9674 would extend the decline from 1.0099, potentially reaching the previous low at 0.9407.
Zooming out to the bigger picture, the prior rejection near the 38.2% retracement level of the range from 1.1149 to 0.9407, positioned at 1.0076, suggests a bearish medium-term outlook for the pair. Additionally, the price remains capped below the 55-week Exponential Moving Average (EMA), currently situated at 0.9942. The ongoing downtrend from the 2018 high of 1.2008 is yet to be completed and is expected to resume towards the 0.9407 level in the future. However, a decisive breakthrough of the resistance at 1.0099 would increase the likelihood of a bullish trend reversal. In such a scenario, the upward movement from 0.9407 would target the 1.0509 cluster resistance, which includes the 2020 low at 1.0509 and the 61.8% retracement level of the range from 1.1149 to 0.9407, located at 1.1488.
EUR/CHF Daily Analysis Summary
In summary, the intraday analysis for EUR/CHF suggests a neutral bias, with the possibility of a short-term bottoming pattern if the price surpasses 0.9764. However, a sustained breakthrough below 0.9674 would indicate a continuation of the overall decline. In the bigger picture, the medium-term outlook remains bearish. Still, a decisive breakthrough of the resistance level at 1.0099 would increase the likelihood of a bullish trend reversal, targeting the cluster resistance at 1.0509. Traders and investors should closely monitor price movements and key levels to make well-informed trading decisions.
- Intraday bias for EUR/CHF remains neutral, with the outlook unchanged.
- A break above 0.9764 confirms bottoming, break below 0.9674 extends decline
- Medium-term outlook bearish, potential for bullish reversal with a break of 1.0099 resistance