Daily Pivots: (S1) 0.9898; (P) 0.9912; (R1) 0.9938; More….
EUR/CHF’s break of 0.9923 resistance suggests that whole corrective pattern from 1.0095 has completed with three waves down to 0.9844. Intraday bias is back on the upside for trend line resistance (now at 0.9981). Sustained break there will add to this bullish cas and bring retest of 1.0095 high. For now, risk will stay on the upside as long as 0.9844 support holds, in case of retreat.
In the bigger picture, with 0.9832 support intact, rise from 0.9407 (2022 low) is still expected to continue. Break of 1.0095 and sustained trading above 55 week EMA (now at 1.0021) will be a medium term bullish signal, and bring further rally to 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484). However, firm break of 0.9832 support will revive medium term bearishness and bring retest of 0.9407 low instead.
