Daily Pivots: (S1) 0.9491; (P) 0.9557; (R1) 0.9677; More….
Intraday bias in EUR/CHF stays on the upside for the moment. Firm break of 100% projection of 0.8204 to 0.9516 from 0.9331 at 0.9643 will extend the rise from 0.9204 to retest 0.9928 key structural resistance. For now, further rally will remain in favor as long as 0.9516 resistance turned support holds, in case of retreat.
In the bigger picture, the strong break of 55 W EMA (now at 0.9484) is a medium term bullish sign. Sustained break trading above long-term falling channel resistance (at around 0.9620) would suggest that the downtrend from 1.2004 (2018 high) has finally bottomed at 0.9204. Further break of 0.9928 will solidify this bullish case, and bring stronger medium term rise even still as a corrective move.
