EUR/CHF Daily Outlook 31-MARCH-2023

EUR/CHF Intraday Outlook And Analysis

Intraday bias in EUR/CHF remains neutral, and a further rally is expected with 0.9842 support intact. On the upside, a break of 1.0000 will confirm the case that the correction from 1.0100 has completed at 0.9709. A subsequent rally should push through 1.0045 to retest the 1.0100 high. However, a firm break of 0.9842 will weaken this bullish view and shift the bias back to the downside, targeting the 0.9709 support instead.

In the broader picture, previous rejection by the 55-week EMA (now at 1.1007) and the 38.2% retracement of 1.1154 to 0.9412 at 1.0077 suggests that the medium-term outlook remains bearish. In other words, the downtrend from 1.2009 has not yet concluded and is likely to resume through 0.9412 at a later stage. However, a decisive break of 1.0100 resistance will increase the chances of a bullish trend reversal. The rise from 0.9412 should then target the 1.0510 cluster resistance (2020 low at 1.0510, 61.8% retracement of 1.1154 to 0.9412 at 1.1489). This analytical approach to EUR/CHF movements is vital for search engines and readers seeking updated information on currency market trends.