Daily Pivots: (S1) 0.9519; (P) 0.9576; (R1) 0.9633; More….
EUR/CHF spiked higher to 0.9626 but quickly reversed. Overall, range trading is still in progress and intraday bias remains neutral. On the upside, break of 0.9660 will resume larger rise from 0.9204. However, sustained break of 0.9489 will bring deeper fall back to 0.9331 support next.
In the bigger picture, prior strong break of 55 W EMA (now at 0.9491) is a medium term bullish sign. Sustained break trading above long-term falling channel resistance (at around 0.9610) would suggest that the downtrend from 1.2004 (2018 high) has bottomed at 0.9204. Stronger rally should then be seen to 0.9928 key resistance at least.
