Daily Pivots: (S1) 0.9798; (P) 0.9821; (R1) 0.9864; More…
EUR/CHF’s break of 0.9846 resistance suggests that fall form 0.9995 has completed at 0.9774, well ahead of 0.9704 low. The development also argue revive the case that whole correction from 1.0095 has completed at 0.9704. Intraday bias is back on the upside. Sustained trading above 55 D EMA (now at 0.9876) will affirm this bullish case, and target 0.9995 resistance next.
In the bigger picture, prior rejection by 55 W EMA (now at 0.9989) and 38.2% retracement of 1.1149 to 0.9407 at 1.0072 suggests that medium term outlook is staying bearish. That is, down trend from 1.2004 is not completed yet and is in favor to resume through 0.9407 at a later stage. However, decisive break of 1.0095 resistance will raise the chance of bullish trend reversal. Rise from 0.9407 should then target 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484).
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