Daily Forex Analysis – EUR/CHF
The EUR/CHF currency pair continues to hover in a lateral consolidation phase, keeping the intraday sentiment anchored in neutrality. Despite this, a bearish aura encircles the outlook as long as the resistance at 0.9536 remains unchallenged. On the flip side, a decisive shattering of the 0.9411 medium-term floor would herald the rekindling of a broader downtrend. The impending near-term objective is pinpointed by a 100% projection of the fall from 0.9844 to 0.9524, extended from 0.9695, arriving at 0.9503, followed by a more ambitious 161.8% projection landing at 0.9183. Conversely, a sturdy breach of the 0.9536 barrier would validate a short-term bottoming phase, pivoting the bias towards an upward trajectory aimed at challenging the 0.9695 resistance mark.
Transitioning to a more expansive outlook, the protracted descent from the 1.2008 pinnacle of 2018 remains in motion. A decisive undercutting of the 0.9411 threshold would reassert the downtrend, steering towards a 61.8% projection of the decline from 1.1153 to 0.9411, extended from 1.0099, culminating at 0.9022. For a shift in narrative towards a medium-term bottoming, a break above the 0.9695 resistance is imperative. Absent this, the bearish outlook remains firmly entrenched.
Analysis Summary
The EUR/CHF pair holds in lateral consolidation with a bearish outlook intact amid unbroken resistance at 0.9536. A decisive breach of the 0.9411 medium-term floor could reinvigorate the broader downtrend, targeting a 61.8% projection at 0.9022. Overturning this narrative requires surmounting the 0.9695 resistance.
Key points:
- Lateral consolidation around 0.9536 resistance.
- Decisive breach of 0.9411 to reassert broader downtrend.
- Overcoming 0.9695 resistance is essential for the outlook shift.
