EUR/CHF Daily Analysis
Range trading continues in EUR/CHF, and the outlook is unchanged. Intraday bias stays neutral at this point. On the upside, a firm break of 0.9953 resistance will resume a more significant rally from 0.9407 to the 1.0072 Fibonacci level. However, a break of 0.9720 will extend the decline from 0.9953 to 61.8% retracement of 0.8407 to 0.9953 at 0.9616.
In the bigger picture, price actions from the 0.9407 medium-term bottom are currently seen as a corrective pattern rather than a trend reversal. Downtrend resumption through 0.9407 is mildly favored at a later stage. This will remain the favored case now as long as a 38.2% retracement of 1.1149 to 0.9407 at 1.0072 holds.
