EUR/CHF Daily Analysis
The intraday bias in EUR/CHF is currently neutral, but a further rise is likely as long as the minor support level of 0.9837 remains intact. If 0.9995 is broken, it will confirm that the correction from 1.0095 has ended at 0.9704, and a further rally should be expected towards 1.0040 and a retest of the 1.0095 high. However, if 0.9837 is firmly broken, it will dampen the bullish view and turn the bias back to the downside for the 0.9704 support level instead.
Looking at the bigger picture, the rejection by the 55 week EMA (currently at 1.1002) and the 38.2% retracement of 1.1149 to 0.9407 at 1.0072 suggests that the medium-term outlook remains bearish. This means that the downtrend from 1.2004 is not yet complete and may resume through 0.9407 at a later stage. However, a decisive break of the 1.0095 resistance level will increase the chance of a bullish trend reversal, and a rise from 0.9407 should then target the 1.0505 cluster resistance (which includes the 2020 low at 1.0505 and the 61.8% retracement of 1.1149 to 0.9407 at 1.1484).
