Daily Pivots: (S1) 0.9337; (P) 0.9346; (R1) 0.9362; More…
Sideway trading continues in EUR/CHF and intraday bias remains neutral. Considering bullish convergence condition in 4H MACD, firm break of 0.9354 resistance will confirm short term bottoming, and bring stronger rebound to 0.9394 resistance. On the downside, break of 0.9311 will resume the fall from 0.9452 to 0.9265 support.
In the bigger picture, the down trend from 0.9204 (2018 high) might still be in progress considering that EUR/CHF is staying well inside the long term falling channel. However, with bullish convergence condition in W MACD, downside potential should be limited in case of another fall. Instead, firm break of 0.9660 resistance will be an important sign of medium term bullish trend reversal.
