Daily Pivots: (S1) 0.9330; (P) 0.9345; (R1) 0.9361; More….
EUR/CHF’s rebound from 0.9265 extends higher today. The break of 0.9361 resistance now suggests that whole corrective pattern from 0.9445 has already completed at 0.9265. Intraday bias is back on the upside for 0.9428 resistance first. Firm break there should resume the rise from 0.9218 low through 0.9445. On the downside, however, break of 0.9329 minor support will mix up the outlook again and turn intraday bias neutral.
In the bigger picture, the down trend from 0.9204 (2018 high) might still be in progress considering that EUR/CHF is staying well inside the long term falling channel. However, with bullish convergence condition in W MACD, downside position should be limited in case of another fall. Instead, firm break of 0.9660 resistance will be an important sign of medium term bullish trend reversal.
