EUR/CHF Daily Outlook and Analysis
The intraday bias for EUR/CHF currently remains neutral. As long as the minor support of 0.9841 holds, there is a mild preference for another increase. A break of 0.9999 would confirm the completion of the correction from 1.0099 at 0.9708, leading to a further rally towards 1.0044 and a retest of the 1.0099 high. However, if the 0.9841 support is broken, this bullish outlook would be dampened, and the bias would shift towards the downside, targeting the 0.9708 support level.
In the broader context, the previous rejection by the 55-week EMA (now at 1.1006) and the 38.2% retracement of 1.1153 to 0.9411 at 1.0076 suggests that the medium-term outlook remains bearish. This indicates that the downtrend from 1.2008 has not yet concluded and is likely to resume towards 0.9411 in the future. However, a decisive break above the 1.0099 resistance level would increase the chances of a bullish trend reversal. In this case, the rise from 0.9411 would target the 1.0509 cluster resistance (2020 low at 1.0509, 61.8% retracement of 1.1153 to 0.9411 at 1.1488).