Daily Pivots: (S1) 0.9484; (P) 0.9560; (R1) 0.9605; More….
EUR/CHF retreated ahead of 100% projection of 0.8204 to 0.9516 from 0.9331 at 0.9643 and intraday bias is turned neural for some consolidations. Further rally is expected as long as 0.9516 resistance turned support holds. ON the upside, firm break of 0.9634 will target 0.9928 key structural resistance. However, sustained trading below 0.9516 will mix up the outlook and turn focus back to 0.9331 support.
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.
