EUR/CHF’s rally resumed after brief consolidations and intraday bias is back on the upside. Current rise from 0.8979 should target 100% projection of 0.8979 to 0.9264 from 0.9094 at 0.9379. On the downside, below 0.9278 minor support will turn intraday bias neutral and bring consolidations again, before staging another rally.
In the bigger picture, the break of medium term falling trend line resistance indicates that 0.8979 is already a medium term bottom. Considering bullish convergence condition in W MACD, rise from there should at least be reversing the fall from 0.9928, with prospect of developing into a medium term up trend. Firm break of 0.9394 resistance will add more credence to this case. For now risk will remain on the upside as long as 0.9094 support holds, in case of retreat.
