Daily Forex Analysis – EUR/CHF
The immediate trajectory of the EUR/CHF pairing remains uncertain, hinting at potential further consolidations in the short term. Despite this ambiguity, the overall perspective seems to lean bearish, particularly as the resistance level of 0.9536 is still intact. A definitive drop below the medium-term base of 0.9411 would reinforce the ongoing larger downward trend.
Exploring potential outcomes, if this decline persists, the immediate target would align with the 100% projection derived from the transition of 0.9844 to 0.9524, which starts from 0.9695. This places the target precisely at 0.9503. Extending further, the subsequent goal to observe would be the 161.8% projection set at 0.9183.
Looking at the broader perspective, the declining trend initiated from the pinnacle in 2018 at 1.2008 continues to cast its shadow. A definitive break past the 0.9411 mark would not just substantiate the larger downtrend but also spotlight the 61.8% projection, which originates from 1.1153 to 0.9411, with a starting point at 1.0099. This marks the destination at 0.9022. However, for any indications of a potential medium-term reversal, the resistance of 0.9695 would need to be breached. In the absence of such a shift, the bearish sentiment would persist.
Analysis Summary
The EUR/CHF’s intraday outlook remains uncertain with a tilt towards a bearish sentiment. Key markers include the potential decline targets of 0.9503 and 0.9183 and the significant 2018 downturn from 1.2008. A breach above 0.9695 might hint at a medium-term reversal, but the overall mood remains bearish.
Key Points
- Immediate bearish sentiment with a resistance at 0.9536.
- Potential decline targets were identified at 0.9503 and 0.9183.
- A breach of 0.9695 could signal a medium-term reversal.
