Daily Pivots: (S1) 0.9432; (P) 0.9445; (R1) 0.9465; More….
EUR/CHF’s rebound from 0.9204 is in reacceleration as seen in 4H MACD breaks through 0.9481 fibonacci resistance. Intraday bias stays on the upside for the moment. Sustained trading above 0.9481 will pave the way to 0.9651 fibonacci level. For now, further rally would remain in favor as long as 0.9424 support holds, in case of retreat.
In the bigger picture, considering bullish convergence condition in D MACD, a medium term bottom could be in place at 0.9204, after defending 0.9209 support. Sustained trading above 38.2% retracement of 0.9928 to 0.9204 at 0.9481 will pave the way to 61.8% retracement at 0.9651, either as trend reversal or just a correction to fall from 0.9228. This will be the favored case as long as 55 D EMA (now at 0.9385) holds.
