Daily Pivots: (S1) 0.9936; (P) 0.9980; (R1) 1.0061; More….
EUR/CHF’s rally accelerates to as high as 1.0047 so far today. Intraday bias stays on the upside for 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. Decisive break there will carry larger bullish implication and target 100% projection at 1.0266 next. On the downside, below 0.9983 minor support will turn intraday bias neutral and bring consolidation first, before staging another rally.
In the bigger picture, focus is now on 38.2% retracement of 1.1149 to 0.9407 at 1.0072. Sustained break there will also have 55 week EMA (now at 1.0041) taken out firmly. That would be an initial sign of long term bullish reversal. Further rally would then be seen to 1.0505 long term support turned resistance (2020 low). However, rejection by 1.0072 will maintain medium term bearishness for another fall at a later stage.
