Daily Pivots: (S1) 0.9722; (P) 0.9741; (R1) 0.9780; More…
The strong break of 55 4H EMA suggest that EUR/CHF’s pull back from 0.9847 has completed at 0.9563 already. Intraday bias is back on the upside for retesting 0.9847 high. Decisive break there will resume larger rally from 0.9252. On the downside, below 0.9708 minor support will turn intraday bias neutral again first.
In the bigger picture, while 55 D EMA (now at 0.9655) was breached, EUR/CHF rebounded strongly since then. Rise from 0.9252 medium term bottom should still be in progress. Break of 0.9847 will target 38.2% retracement of 1.2004 (2018 high) to 0.9252 (2023 low) at 1.0303, even as a correction to the down trend from 1.2004. however, sustained trading below 55 D EMA will argue that the rebound has completed.
