Daily Pivots: (S1) 0.9765; (P) 0.9791; (R1) 0.9833; More…
Intraday bias in EUR/CHF is back on the upside with break of 0.9800 temporary top. Retest of 0.9847 resistance should be seen. Firm break there will resume larger rise from 0.9252 to 61.8% projection of 0.9252 to 0.9847 from 0.9563 at 0.9931 next. Further rally is now expected as long as 0.9748 support holds, in case of retreat.
In the bigger picture, while 55 D EMA (now at 0.9644) 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.
