Daily Pivots: (S1) 0.9410; (P) 0.9424; (R1) 0.9452; More….
EUR/CHF’s rally resumed after brief retreat and intraday bias is back on the upside. Decisive break of 0.9445 resistance will resume the whole rebound from 0.9218. Next target is 100% projection of 0.9218 to 0.9445 from 0.9265 at 0.9492. On the downside, though, below 0.9398 minor support will turn intraday bias neutral again first.
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.
