EUR/CHF Daily Outlook 04-April-23

EUR/CHF Intraday Outlook and Analysis

Sideways trading persists in EUR/CHF, and the intraday bias remains neutral for now. The near-term outlook cautiously favors the bulls as long as the 0.9839 minor support remains intact. The correction from 1.0097 could have already concluded at 0.9706. A break of 0.9997 will confirm this bullish scenario and target a retest of the 1.0097 high. However, a break of 0.9839 would dampen this bullish view and shift the bias back to the downside, targeting the 0.9706 support instead.

In the bigger picture, the prior rejection by the 55-week EMA (now at 1.1004) and the 38.2% retracement of 1.1149 to 0.9409 at 1.0074 suggests a bearish medium-term outlook. This implies that the downtrend from 1.2004 has not yet completed and may resume through 0.9409 at a later stage. However, a decisive break of the 1.0097 resistance will increase the chances of a bullish trend reversal. In this case, the rise from 0.9409 should target the 1.0507 cluster resistance (2020 low at 1.0507, 61.8% retracement of 1.1149 to 0.9409 at 1.1486).