Daily Pivots: (S1) 0.9938; (P) 0.9963; (R1) 0.9979; More….
EUR/CHF’s break of 4 hour 55 EMA suggests that rebound from 0.9844 has completed at 1.0040. Corrective pattern from 1.0095 is extending with another falling leg. Intraday bias is back on the downside for 0.9844 support. But downside should be contained by 0.9832 to bring rebound. On the upside, above 1.0040 will bring retest of 1.0095 high.
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.
