Daily Pivots: (S1) 0.9397; (P) 0.9409; (R1) 0.9423; More….
Intraday bias in EUR/CHF remains neutral and more consolidations could be seen below 0.9426 temporary top. As noted before, corrective pattern from 0.9445 should have completed with three waves to 0.9265. Firm break of 0.9428 should confirm this bullish case, and target 0.9445 and then 100% projection of 0.9218 to 0.9445 from 0.9265 at 0.9492. However, sustained trading below 55 4H EMA (now at 0.9362) with extend the corrective pattern with another falling leg.
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.
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