Daily Pivots: (S1) 0.9332; (P) 0.9347; (R1) 0.9373; More….
EUR/CHF’s rise from 0.9178 resumed by breaking through 0.9349, and intraday bias is back on the upside. As noted before, fall from 0.9660 could have completed at 0.9178, on bullish convergence condition in D MACD. Further rise should be seen to 0.9452 resistance next. On the downside, below 0.9325 support will turn intraday bias neutral again first.
In the bigger picture, outlook remains bearish with EUR/CHF staying well inside long term falling channel after multiple rejection by 55 W EMA (now at 0.9371). Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. Break of 0.9452 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.
