Daily Pivots: (S1) 0.9828; (P) 0.9850; (R1) 0.9891; More….
EUR/CHF’s break of 0.9839 minor resistance suggests that correction from 0.9953 has completed with three waves down to 0.9720. Intraday bias is back on the upside for retesting 0.9953 resistance first. Decisive break there will resume the rally from 0.9407 to 1.0072 fibonacci level.
In the bigger picture, rejection by 0.9970 support turned resistance retains medium term bearishness. That is, while 0.9407 is a medium term bottom, price actions from there would develope into a corrective pattern rather than a reversal. That is, down trend resumption through 0.9407 is favored at a later stage. This will remain the favored case now, as long 38.2% retracement of 1.1149 to 0.9407 at 1.0072 holds.
