Daily Pivots: (S1) 0.9401; (P) 0.9424; (R1) 0.9438; More….
EUR//CHF retreated after edging higher to 0.9452 and intraday bias is turned neutral again. Further rise is expected as long as 0.9400 support holds. Above 0.9452 will extend the rise from 0.9218 to 100% projection of 0.9218 to 0.9445 from 0.9265 at 0.9492. However, firm break of 0.9400 will turn bias back to the downside for 55 D EMA (now at 0.9364).
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.
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