Daily Pivots: (S1) 0.9846; (P) 0.9900; (R1) 0.9928; More….
Intraday bias in EUR/CHF is turned neutral with current retreat and some more consolidations would be seen below 0.9953. But further rally is expected as long as 0.9798 resistance turned support holds. Break of 0.9953 will resume the rise from 0.9407 to 100% projection of 0.9407 to 0.9798 from 0.9641 at 1.0032.
In the bigger picture, considering bullish condition in daily MACD and the firm break of 55 day EMA, a medium term bottom should be in place at 0.9407. Further rally is expected as long as 0.9641 support holds, even as a corrective rebound. Next target 38.2% retracement of 1.1149 to 0.9407 at 1.0072. Reaction from there, as well as 55 week EMA (now at 1.0120) will reveal whether the trend is reversing.
