Daily Pivots: (S1) 0.9301; (P) 0.9315; (R1) 0.9326; More….
EUR/CHF’s steep dive today suggests that corrective recovery from 0.9268 has completed at 0.9347. Intraday bias is back on the downside. Firm break of 0.9268 will resume the fall from 0.9394, and target 100% projection of 0.9394 to 0.9268 from 0.9347 at 0.9221. Break will bring retest of 0.9178 low. For now, risk will stay on the downside as long as 0.9347 resistance holds, in case of recovery.
In the bigger picture, persistent bullish convergence condition in W MACD is a medium term bullish sign. Firm break of 0.9394 resistance should bring sustained trading above 55 W EMA (now at 0.9360). That should indicate medium term bottoming at 0.9178. Further break of 0.9452 resistance will bring stronger medium term rally towards 0.9928 resistance next, even still as a corrective bounce. Nevertheless, rejection by 55 W EMA will retain bearishness for another fall through 0.9178 at a later stage.
