Detailed FX Market Outlook and Analysis

EUR/CHF Daily Forecast 02-MAY-2022

Intraday bias in EUR/CHF remains neutral at this point. Another decline cannot be ruled out as a consolidative pattern from 1.0400 extends. Below 1.0186 will target 1.0086 support. On the upside, above 1.0289 will target the 1.0369/0400 resistance zone. A firm break there will resume the rebound from 0.9970 to 1.0610 structural resistance.

In the bigger picture, as long as 1.0505 support turned resistance (2020 low) holds, the long-term downtrend from 1.2004 (2018 high) is expected to continue. The next target is a 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. However, a firm break of 1.0505 will suggest medium-term bottoming, and bring a stronger rebound towards 1.1149 structural resistance.

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