Daily Pivots: (S1) 0.9349; (P) 0.9384; (R1) 0.9404; More….
A short term top was formed at 0.9452 with current steep decline in EUR/CHF. While initial support is seen from 55 D EMA (now at 0.9365), further fall is in favor as long as 0.9400 support turned resistance holds. Sustained trading below the EMA will suggest that the rebound from 0.9218 has completed, and target 0.9265 support for confirmation. Nevertheless, break of 0.9400 will bring retest of 0.9452 resistance.
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.
, further fall is in favor as long as 0.9400 support turned resistance holds. Sustained trading below the EMA will suggest that the rebound from 0.9218 has completed, and target 0.9265 support for confirmation. Nevertheless, break of 0.9400 will bring retest of 0.9452 resistance.){kind=link}