Daily Pivots: (S1) 1.0726; (P) 1.0762; (R1) 1.0825; More…
EUR/CHF’s rally continues today and reaches as high as 1.0823 so far. Intraday bias remains on the upside for the moment. As noted before, a short term bottom was formed at 1.0629, ahead of 1.0620 key support, on bullish convergence condition in 4 hour MACD and daily MACD. More importantly, it’s seen as an early sign of trend reversal after defending 1.0620 key support level. That is, correction from 1.1198 could have completed. Further rise should be seen to 1.0897 resistance next. On the downside, below 1.0776 minor support will turn bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, the decline from 1.1198 is seen as a corrective move. Decisive break of 1.0897 resistance should confirm that it’s completed. And in that case, larger up trend is resuming for another high above 1.1198. Meanwhile, sustained trading below 38.2% retracement of 0.9771 to 1.1198 at 1.0653 will target 50% retracement at 1.0485.
