Daily Pivots: (S1) 0.9342; (P) 0.9380; (R1) 0.9404; More….
Intraday bias in EUR/CHF is turned neutral with current retreat and some consolidations would be seen below 0.9417 temporary top. Further rally is expected as long as 0.9343 resistance turned support holds. Above 0.9417 should resume the rise from 0.9204 through 0.9444 resistance to 0.9841 fibonacci level. On the downside, sustained break of 0.9343 will argue that rebound form 0.9204 has completed and turn bias back to the downside for 0.9254 support instead.
In the bigger picture, the break of 55 D EMA (now at 0.9359) suggests that a medium term bottom might be in place already. Strong rise could be seen 38.2% retracement of 0.9928 to 0.9204 at 0.9481. Reaction from there would reveal whether rebound from 0.9204 is merely a corrective rise, or reversing the down trend from 0.9928.
