Daily Pivots: (S1) 0.9787; (P) 0.9812; (R1) 0.9837; More…
Intraday bias in EUR/CHF is turned neutral again with current retreat. on the upside, firm break of 0.9847 resistance will resume larger rise from 0.9252 to 61.8% projection of 0.9252 to 0.9847 from 0.9563 at 0.9931 next. However, break of 0.9748 will extend the corrective pattern from 0.9847 with another falling leg instead.
In the bigger picture, while 55 D EMA (now at 0.9644) was breached, EUR/CHF rebounded strongly since then. Rise from 0.9252 medium term bottom should still be in progress. Break of 0.9847 will target 38.2% retracement of 1.2004 (2018 high) to 0.9252 (2023 low) at 1.0303, even as a correction to the down trend from 1.2004. However, sustained trading below 55 D EMA will argue that the rebound has completed.
