EUR/CHF’s steep decline suggests short term topping at 0.9408. Intraday bias is mildly on the downside for deeper pullback to 55 D EMA (now at 0.9281). But downside should be contained by 38.2% retracement of 0.8979 to 0.9408 at 0.9244 to bring rebound. For now, more consolidations would be seen first as long as 0.9408 holds, in case of recovery
In the bigger picture, the failure to sustain above 0.9394 dampen the bullish case. Outlook is turned neutral first. On the upside, firm break of 0.9394 should confirm that rise from 0.8979 medium term is at least reversing the fall from 0.9928 (2024 high), with prospect of developing into a medium term up trend. Further rally should be seen to 0.9660 resistance next. However, sustained break of 0.9264 will revive medium term bearishness, and bring retest of 0.8979 low instead.
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