Daily Pivots: (S1) 0.9417; (P) 0.9431; (R1) 0.9457; More….
EUR/CHF’s rally resumed by breaking 0.9438 temporary top and intraday bias is back on the upside. Rise from 0.9218 should target 100% projection of 0.9218 to 0.9445 from 0.9265 at 0.9492. For now, further rise is expected as long as 0.9400 support holds, in case of retreat.
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 potential 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.
