Daily Forex Analysis – EUR/CHF
Range trading remains the flavor of the day for EUR/CHF, as our Daily Forex Analysis indicates a neutral intraday bias. However, the general outlook leans towards bearish tendencies. A decisive fall below 0.9515 could reignite the downward trend originating from the 1.0097 high, setting the stage for a test of the 0.9409 low. Contrarily, if the pair breaks the 0.9603 resistance, it could trigger a more potent rebound, potentially reaching up to 0.9648 resistance or beyond.
Expanding the scope to a medium-term viewpoint through our Daily Analysis, the bearish sentiment is fortified by the cross being significantly below the declining 55-week EMA, currently at 0.9820. This lends credence to the notion that the downtrend, which began at the 2018 high of 1.2006, is likely to persist. A sustained breach below 0.9409 would shift the focus towards a 61.8% projection target at 0.9020, calculated from the ranges of 1.1151 to 0.9409, starting from 1.0097. As of now, this remains the most likely scenario as long as the 0.9672 support-turned-resistance holds firm, even in the event of a strong rebound.
Analysis Summary
The EUR/CHF pair is currently engaged in range trading, according to the latest Daily Forex Analysis. Despite a neutral intraday bias, the broader outlook remains decisively bearish. Key levels to watch include the downside target of 0.9409 and the upside resistance at 0.9648.
Key Takeaways
- EUR/CHF Intraday Analysis highlights ongoing range trading with a bearish undertone.
- Daily Analysis underscores the significance of the falling 55-week EMA at 0.9820.
- A break below 0.9409 could aim for a 61.8% projection target at 0.9020.
