EUR/CHF Daily Analysis
At the moment, the intraday bias for EUR/CHF is neutral. The overall outlook remains the same, with the fall from 0.9995 being considered a correction to the rise from 0.9704. If the resistance level of 0.9878 is broken, it will indicate the completion of this correction and could lead to a target of 0.9995. A strong break above this level would confirm that the larger corrective decline from 1.0095 has also completed at 0.9704.
Looking at the bigger picture, the rejection by the 55-week EMA (now at 0.9971) and the 38.2% retracement of the move from 1.1149 to 0.9407 at 1.0072 suggests that the medium-term outlook is bearish. This means that the downward trend from 1.2004 is likely to resume, possibly through the 0.9407 level at a later stage. However, if the 1.0095 resistance level is decisively broken, it could raise the chance of a bullish trend reversal. In this scenario, the rise from 0.9407 would target the 1.0505 cluster resistance, which includes the 2020 low at 1.0505 and the 61.8% retracement of the move from 1.1149 to 0.9407 at 1.1484.
