Daily Forex Analysis – EUR/CHF
The EUR/CHF pair maintains a neutral intraday stance as it hovers below the 0.9655 threshold. While a further decline remains a possibility, it is anticipated that the 0.9568 support level will hold, setting the stage for a potential upward rally. A break above 0.9655 would signify a continuation of the uptrend from the 0.9420 mark, aiming first for the 0.9695 resistance level. A decisive breach of this resistance could suggest that the decline from the high of 1.0099, recorded in 2023, has concluded at 0.9420, just marginally above the 2022 low support at 0.9411.
The downtrend from the 2023 peak of 1.0099 may have found its trough at 0.9420, slightly above the 2022 low of 0.9411. A sustained breakthrough of the 0.9695 resistance level, which coincides with the 38.2% Fibonacci retracement (1.0099 to 0.9420 at 0.9679), would clear a path towards the 61.8% retracement at 0.9840 and potentially higher. However, a reversal at 0.9695 would uphold the medium-term bearish outlook, potentially leading to another test of the 0.9411 support level.
Analysis Summary
The EUR/CHF pair exhibits neutrality in its intraday trend, with potential dips supported at 0.9568 and a breakout above 0.9655, signaling a continuation of the rise from 0.9420. The long-term view hinges on the reaction at the 0.9695 resistance, with a break above favoring bullish prospects.
Key Points
- Neutral intraday trend below 0.9655.
- Key support at 0.9568, resistance at 0.9695.
- Long-term outlook contingent on breaking 0.9695 resistance.
