Daily Pivots: (S1) 1.0364; (P) 1.0413; (R1) 1.0487; More….
EUR/CHF rebounded strongly after hitting 1.0336 and intraday bias is turned neutral first. Corrective pattern from 1.0298 might be extending with another leg. But even in case of stronger rise, up side should be limited by 38.2% retracement of 1.1149 to 1.0298 at 1.0623. On the downside, below 1.0336 will target 1.0298 low first. Firm break there will confirm larger down trend resumption.
In the bigger picture, a medium term bottom was formed at 1.0298 on bullish convergence condition in daily MACD. Rebound from there is still tentatively viewed part of a corrective pattern. That is, larger down trend from 1.2004 (2018) could still extend through 1.0298 to 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223. However, sustained trading above 55 week EMA (now at 1.0667) will argue that the down trend is over, and bring stronger rise back to 1.1149 next.
