Daily Pivots: (S1) 0.9334; (P) 0.9351; (R1) 0.9379; More….
Intraday bias in EUR/CHF is turned neutral first with current recovery. The favored case is that corrective rebound from 0.9218 has completed with three waves up to 0.9452. On the downside, below 0.9317 will target 0.9265 support for confirmation. However, break of 0.9403 resistance will turn bias back to the upside for 0.9452 and above.
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.
