Daily Pivots: (S1) 0.9883; (P) 0.9899; (R1) 0.9922; More….
EUR/CHF’s break of 0.9953 resistance finally confirms resumption of whole rise from 0.9407. Notable support from 55 day EMA is a bullish sign. Intraday bias is back on the upside. Further rise should be seen to 61.8% projection of 0.9407 to 0.9953 from 0.9720 at 1.0057, which is close to 1.0072 medium term fibonacci level. On the downside, below 0.9896 minor support will dampen the bullish case and turn intraday bias neutral first.
In the bigger picture, as long as 38.2% retracement of 1.1149 to 0.9407 at 1.0072 holds, price actions from 0.9407 medium term bottom will be treated as a corrective pattern. That is, long term down trend would resume through this low at a later stage. Nevertheless, firm break of 1.0072 will also have 55 week EMA (now at 1.0041) taken out. That would be an initial sign of long term bullish reversal.
