Daily Pivots: (S1) 0.9293; (P) 0.9318; (R1) 0.9366; More….
EUR/CHF’s break of 0.9343 resistance confirms resumption of rebound from 0.9204. Intraday bias stays on the upside for 100% projection of 0.9204 to 0.9343 from 0.9254 at 0.9393. Firm break there could prompt upside acceleration to 0.9444 resistance next. On the downside, below 0.9329 minor support will turn intraday bias neutral again first.
In the bigger picture, outlook will stay bearish as long as 0.9444 resistance holds. Decisive break of 0.9209 low will resume long term down trend to 61.8% projection of 0.9772 to 0.9209 from 0.9444 at 0.9096 next. Nevertheless, firm break of 0.9444 will be the first sign of bullish trend reversal.
