EUR/CHF Daily Analysis
The EUR/CHF pair is currently range trading and there is no clear bias for the intraday direction. If the pair falls again, it is likely to find support at the 38.2% retracement level of 0.9407 to 1.0095, which is at 0.9832. This will complete the corrective pattern from 1.0095. However, if the pair breaks above 0.9923, it will turn the bias towards the upside, with a stronger rebound towards the resistance zone of 1.0067/0095.
Looking at the bigger picture, the rejection by the 55 week EMA at 1.0025 has created a mixed outlook. If the pair can sustain trading above the 55 week EMA, there is a higher chance of a bullish trend reversal. In this scenario, the pair will aim for the cluster resistance level of 1.0505, which is the 2020 low at 1.0505 and the 61.8% retracement of 1.1149 to 0.9407 at 1.1484. However, if the pair breaks below the support level of 0.9832, it will revive the medium-term bearish trend and lead to a retest of the low at 0.9407.
