EUR/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.9347; (P) 0.9358; (R1) 0.9372; More….

EUR/CHF’s break of 0.9331 support suggests that triangle consolidation pattern from 0.9209 has completed. Intraday bias is now on the downside. Break of 0.9305 will target 0.9209 low next. On the upside, above 0.9369 minor resistance will dampen this view, and turn intraday bias neutral again.

In the bigger picture, fall from 0.9928 is seen as part of the long term down trend. Repeated rejection by 55 D EMA (now at 0.9410) keeps outlook bearish for breaking through 0.9209 low at a later stage. Nevertheless, sustained trading above 55 D EMA will confirm medium term bottoming at 0.9209 and bring stronger rebound back towards 0.9928 key resistance.