EUR/CHF intraday: the RSI is oversold

Our pivot point is at 0.9390.

Our preference: the downside prevails as long as 0.9390 is resistance.

Alternative scenario: above 0.9390, look for 0.9409 and 0.9420.

Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 0.9381 and 0.9392).

Supports and resistances:

0.9420 **

0.9409 *

0.9390 **

0.9382

0.9368 last

0.9340

0.9328 **